Is Aptos About to Pull a Rabbit Out of Its Hat? 🐇✨

Market capitalization of stablecoins on the Aptos network hit an all-time high of $789M
Hike followed the launch of USDC on the Aptos mainnet

Ah, dear reader, it appears that our friend Aptos (APT) has been feeling a bit under the weather, suffering a rather unfortunate 7% drop in the span of a week. But lo and behold! At the time of this writing, APT has decided to don its best party hat and has bounced back by a sprightly 3%, trading at a delightful $7.84. 🎉

What could possibly be the cause of this sudden pep in its step, you ask? Well, it seems that a veritable flood of stablecoin inflows has graced the network, much like a surprise visit from a long-lost relative with a penchant for generosity.

Stablecoin market cap on Aptos approaches $800M

According to the ever-reliable DeFiLlama, the total market capitalization of stablecoins on the Aptos network has soared to a staggering $789.3 million. In January alone, this figure has risen by more than 25%—a clear indication that the network is becoming the belle of the ball! 💃

Now, a spike in stablecoin inflows typically suggests that traders are moving their funds to the network for a bit of trading, lending, or staking—activities that could very well send APT’s value soaring to the moon! 🚀

And if that weren’t enough, the USDC issuer Circle has announced that its stablecoin has officially launched on Aptos. According to their rather optimistic press release, this launch will empower users and developers alike. One can only hope they don’t empower them to create a new breed of cat memes! 🐱

However, not all is sunshine and rainbows, as the DeFi Total Value Locked (TVL) on Aptos has taken a bit of a tumble, dropping to $1.5 billion from a record high of $2.14 billion. It seems even the best of us have our off days.

Can rising network activity trigger a bullish reversal?

As we pen this delightful missive, Aptos is attempting a rebound, much like a rubber ball that refuses to stay down. Yet, a rather ominous death cross has appeared, with the 50-day Exponential Moving Average (EMA) crossing below the 200-day EMA—an unmistakable sign that the bears are still in charge. 🐻

The volume histogram bars over the last three days have revealed a surge in buying pressure, akin to a stampede at a sale. However, the Chaikin Money Flow (CMF) remains in negative territory, suggesting that the current buying frenzy may not be enough to overcome the selling pressure. A weak uptrend, it seems, is on the horizon. 🌥️

Traders, keep your eyes peeled for a crossover of the CMF into the positive zone, which could herald a strong rally. Meanwhile, a formidable resistance zone lies at $8.47, and breaching this level could very well trigger a bullish reversal. Fingers crossed! 🤞

Long/short ratio hits a monthly high

In a rather optimistic turn of events, traders appear to be anticipating gains for APT, as evidenced by a gradual increase in the long/short ratio. At present, this ratio stands at a rather impressive 1.06—its highest level in a month. 📈

With 51% of traders going long on APT, it seems there is a glimmer of hope that this altcoin could defy the prevailing bearish trend and embark on a delightful rally. Let us raise our glasses to that! 🥂

2025-02-01 07:06

New ‘ATH’ for Aptos might have THIS effect on APT’s price action soon

Is Aptos About to Pull a Rabbit Out of Its Hat? 🐇✨

Stablecoin market cap on Aptos approaches $800M

Can rising network activity trigger a bullish reversal?

Long/short ratio hits a monthly high

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