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The Aptos crypto community has been taking note as price pushed to significant historic level.
However, while expectations are bullish, recent data signals the possibility that APT could continue to seek more downside.
Aptos crypto hovered near the $5.1 price level at the time of writing.
It has historically bounced off the same level multiple times in the past including twice in February, confirming that it is a strong support.
To put into perspective just how important the same support level is, the Aptos crypto coin kicked off the bullish momentum within the same level in August 2024.
But can it pull off a similar move from the same support level this time?
Its money flow indicator already confirmed that accumulation has been taking place for the last 6 weeks.
However, APT continues to struggle to find enough momentum for a sizable bounce back.
Why Aptos Crypto Could Capitulate to the Downside
While the accumulation at recent lows suggests that APT is prime for a recovery rally, there is a chance that it could still dip lower.
For starters, weak demand may set the pace for more sell pressure which could push the Aptos crypto lower.
Some market observations already suggest that many traders are still bearish despite the support retest.
For example, APT negative funding rates surged to levels last seen in the last 4 weeks.
The surge in negative funding rates suggests an uptick in the number of traders that anticipate more downside.
Derivatives volume was down by 28.8% in the last 24 hours while open interest was up 7.49%.
Although the negative funding rates surge signals bearish expectations, it could pave the way for sizable liquidations in case the bulls make a comeback.
Aptos Network Performance Offers Confidence Boost
While APT price was mostly bearish in the last few weeks, other aspects of the Aptos maintained a positive trajectory.
For example, the network’s TVL in token count has been on a parabolic trajectory in the last 2 years.
Aptos TVL achieved an all-time high of 182.7 million APT on 5 March.
Interestingly, the TVL maintained its position close to the recent ATH with about 181.22 million coins locked at the time of observation.
Its stablecoin marketcap also adopted a similar trajectory, managing to push as high as $941.9 million at press time.
The TVL and stablecoin marketcap growth confirm that the network continues to enjoy healthy activity.
Speaking of activity, Aptos crypto volume on decentralized exchanges cooled down considerably compared to November and December highs.
Nevertheless, it has so far managed to maintain a healthy level. For context, daily DEX volume peaked at $91.66 million at its November peak.
However, it managed to achieve $23.8 million in DEX revenue on Wednesday.
A significant dip from its peak but the figure confirms that it was still enjoying healthy DeFi activity.
