Aptos price ignored some positive news from the ecosystem as its token fell to its lowest since Nov. 28. APT is down more than 57% from its highest level on record, giving it a market cap of more than $568 million.
Aptos TVL increases
Aptos is a relatively new blockchain that aims to be a better alternative to Ethereum, BNB Smart Chain, and Cardano. Its main features are that its architecture is extremely reliable and secure and can be updated faster than other chains. It can process thousands of transactions per second (tps).
Aptos is a proof-of-stake network consisting of thousands of validators working collectively to receive and process transactions from users using the Byzantine fault-tolerant consensus. Token holders stake their tokens and earn returns.
Aptos, formerly known as Diem, has seen somewhat of an upward trend in recent months as developers embrace its suite of features.
Data compiled by DeFi Llama shows that the total value locked (tvl) in its DeFi protocol has risen to an all-time high of $50 million. In contrast, Cardano, a much larger blockchain, has a TVL of around $70 million.
PancakeSwap, the leading Binance DeFi network, has seen the most inflows on the network. Its TVL is up 52% over the past 7 days to $17.1 million. The uptrend continued this week as PancakeSwap introduced yield farming to its Aptos network. Yield farming is the process by which people let the blockchain find the highest yielding assets.
Other DeFi protocols on its network have fared well. For example, Aries Markets has seen its TVL up 40%, while Ditto has seen it up 10%. The TVL of AUX Exchange, the largest DEX in Aptos, has remained flat for the past 30 days as other networks such as PancakeSwap and Uniswap lost money.
Aptos price prediction
The 4 hour chart shows that Aptos price has been in a strong bearish trend for the past few weeks. This drop has caused it to drop below the key resistance level of $5.4, which was the highest level on December 5th.
Aptos has fallen below all moving averages, while the Relative Strength Index (RSI) has fallen below the neutral point at 50. The stochastic oscillator and MACD are also drifting lower.
Therefore, despite the encouraging data, there are chances that the coin will continue falling as sellers target the key support at $3.5.
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