The cryptocurrency of the hour, Aptos (APT), is losing bullish momentum and heading for a correction. Dubbed a “Solana Killer,” the APT token was launched last week, attracting the attention of market participants. Related Reading: Ep04- OneLife – Companion Guide For BBC’s “The Missing Cryptoqueen” Podcast The hype around APT generated over $150 million in Open Interest, $3 billion in futures volume, and $1 billion in spot volume in less than a day. At the time of writing, Aptos trades at $8.70, with a 10% loss in the last 24 hours alone. After 1 day: $150 mil open interest, $3 bil futures volume, $1 bil spot volume… This is going to suck so much liquidity from the market.$APT https://t.co/iMupyE21It — Byzantine General (@ByzGeneral) October 19, 2022 Aptos Stepping Into The Danger Zone As seen in the chart below, APT’s price hit an all-time high of $10.2 before crashing into its current levels. The cryptocurrency has been trading sideways in a tight channel over the past two days, but the price action hints at further downside pressure. According to a pseudonym analyst, Aptos sits at critical support north of $8.11. If the token fails to hold its current levels, the price might return to the pre-rally region. As seen in the chart below, this downside move could retrace APT’s price back to the $7 region. If that zone operates as support, the token might prevent more downside and follow the general ...
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