EddieJayonCrypto
15 Nov 24
Blackrock expanded its tokenized money fund to other blockchains, including Move-programmed Apots (APT), sparking speculation about APT's price. Initially, APT price rose to $12.60 but has since dropped by 6.33%. The drop in Open Interest (OI) and the Chaikin Money Flow (CMF) indicator suggest APT's...
Blackrock has expanded its tokenized money fund to other blockchains, including Move-programmed Apots (APT), fueling speculation about APT's price. Initially, APT price rose to $12.60 but has since dropped by 6.33%. The drop in Open Interest (OI) and the Chaikin Money Flow (CMF) indicator suggest APT's price may continue to decrease. APT faces resistance at $13.72 and support at $10.43, with a potential drop to $9.85. However, an increase in buying pressure could lead to a bounce toward $14.13.
Blackrock's announcement coincided with a market rally, as APT's price had initially increased by 21%. However, the drop in Open Interest (OI) was one reason that APT failed to hold on to the $12 mark. APT's OI attempted to approach $200 million but has now dropped to $105.37 million. With the declining OI and the CMF indicator suggesting selling pressure outpacing buying pressure, Aptos' price could slide lower than $11.69.
On the daily chart, APT faces resistance at $13.72, with support at $10.43, just below the 23.6% Fibonacci retracement level. A decrease in trading volume indicates a drop in market interest, potentially leading the price to slide. APT's price might drop to $9.85 but could bounce toward $14.13 if buying pressure increases.