Aptos (APT) Crypto Price Struggles to Defend $8 Support Level, Despite Increase in Weekly Contracts

The Aptos crypto price has managed to defend the major support level of $8 YTD. As per the chart, the APT price remained bullish till March

The Aptos (APT) crypto price is showing signs of weakness as it continues to trade below the crucial support level of $8. The price has been struggling to gain momentum and is facing strong selling pressure.

However, despite the bearish trend, the weekly contracts for Aptos have seen a notable increase, which could positively impact the price in the upcoming week. Here are the key highlights for June 13.

Aptos Price Analysis

Aptos price closed at $7.97 with an intraday loss of 3.51%. The market capitalization is $3.59 Billion, and the 24-hour trading volume is $175.46 Million. Circulating supply is 450,107,018 APT, and the total supply is 1,100,677,663 ATP.

Aptos Price Chart by TradingView

Aptos crypto price has been bearish for the past few weeks and is yet to reach the last swing high, which shows the sellers’ grip. The cryptocurrency sentiment is bearish, and we can expect a further breakdown in the altcoins.

If the price starts trading below the major support level and sustains, then selling pressure can be observed. If the price slips below the $5 mark, it may record a new all-time low.

On the other hand, buyers may show interest if the Aptos price bounces back and crosses the 200-day exponential moving averages, and bullish momentum can be expected.

Aptos Price Technical Analysis Over 1-D Timeframe

Aptos crypto price is trading below the 200-day exponential moving averages and the 50-day exponential moving averages, which shows the bearish trend. The Bollinger Bands are contracting, indicating lower price volatility.

Relative Strength Index (RSI) is at 38 and heading towards the oversold zone, which shows the selling pressure. Stochastic RSI is also in the oversold zone, indicating a potential oversold condition.

MACD is below the zero line and creating a bearish crossover with the signal line, indicating bearish momentum.

Aptos Price Key Highlights

Aptos cryptocurrency is facing strong selling pressure and is struggling to maintain its price above the major support level. A recent analysis by a crypto exchange highlights the bearish trend and the crucial support levels for Aptos.

On the other hand, a source on X claims that the weekly contracts for Aptos have increased by 15%, and this significant change may affect the price positively.

Moreover, 42 new contracts have been introduced, and the total number of contracts have surged to 2604 as of June 13, 2024.