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Yesterday, the world’s largest asset management company, Blackrock, revealed that it has expanded its Cryptocurrency fund to other Blockchains, including Aptos (APT) programmed with Move language . This development has caused speculation that the Aptos Token price could benefit from it.
Initially, the APT price increased to $12.60. But at the time of writing, the altcoin was down 6.33%, suggesting that the integration with Blackrock was not enough to keep the price going.
Aptos Slows Down After Positive Announcement
The announcement from Blackrock, previously reported by TinTucBitcoin, coincides with an overall market uptick, as the Aptos Token price has increased by 21%. However, our findings indicate that the decline in Open Interest (OI) is one of the reasons why APT failed to hold the $12 level.
According to Santiment, APT’s OI tried to reach $200 million on Wednesday, November 13. But that did not happen and has now dropped to $105.37 million. Open Interest is the total number of active contracts in the futures market that have not yet been settled.
An increase in OI shows that more participants are entering the market, which could strengthen the current trend. Conversely, a decline in this indicator may indicate that the trend is losing momentum.
Therefore, with the index falling in the case of Aptos, it is possible that the price of this altcoin could continue to decline. Additionally, the Chaikin Cash Flow (CMF) index also shows that Aptos’ price may face challenges in recovering.
To better understand, the CMF index is an indicator developed to track the accumulation and distribution of an asset over a specific period of time. This index ranges from -1 to +1. When the index increases, it means accumulation is taking place and the price is likely to rise.
However, in the case of APT, the index has decreased, showing that selling pressure has begun to overcome buying pressure. If this doesn’t change, Aptos’ price could slide lower than $11.69.
APT Price Forecast: Likely Below 10 USD
On the daily chart, Aptos is facing resistance at $13.72, with support at $10.43, just below the 23.6% Fibonacci retracement level. Considering the decline in trading volume, Aptos price may continue to slide, and the bulls may find it difficult to maintain this support level.
This is mainly due to low trading volumes indicating a decline in market interest. So it may be difficult for more buying pressure to take place. If this happens, the price of APT could drop to $9.85.
Conversely, an increase in buying pressure could refute that prediction. Therefore, if APT accumulation increases, the price could bounce back up to $14.13.
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