APT Price Stuck In Consolidation: Could Increasing TVL Be The Key?

Aptos ($APT), a Layer-1 blockchain network, struggled to break above critical resistance. This caused the $APT price to remain confined within a narrow zone. Despite this consolidation, developments in its ecosystem fuel optimism among $APT investors about a potential breakout.

The token has noted a sideways move. This led the $APT price to hover within a thin band, and the fight between the bulls and bears persisted. The price action and most technical indicators readings both furnish mixed cues; the bullish and bearish cases remain unchanged.

However, it could see a near-term comeback as it sits on the lower trendline support zone. Over the past 2 weeks, the token has been traded below the key EMAs. It has witnessed low-volume activity, displaying a lack of investor interest.

Aptos recently underwent a massive token unlock event, with 11.31 Million $APT tokens circulating on September 11, 2024. Despite worries about a selloff due to the unlock event, the Aptos crypto price stayed flat, around $6. It did not relinquish the gains.

$APT Price Prediction: Sideways Next?

For the last two months, the $APT price met resistance around the $7.50 mark and support around the $5 mark. Jointly, these levels compose the altcoin’s consolidation range.

Considering the crypto market recovery and positive cues, the $APT crypto is mounting for a comeback. To achieve this, the token must cross the $7 mark for a range breakout in the coming sessions.

Aptos price was trading at $6.12 at press time, with an intraday decline of over 0.12%. This indicated flat movements over the last 24 hours.

Although the crypto market endeavored to rebound, the Aptos crypto remained sideways and did not experience a comeback rally.

Recently, the altcoin headed a challenging cycle and suffered a decline of over 15% in the last two weeks.

@WhalesCryptox, in his tweet, said that $APT crypto had reflected a fake breakdown. There could be a bounce in the coming sessions.

However, it has been in a stage of macro consolidation, while some indicators point to a potential rise. The RSI curve still hovers near the 50 neutral line and guides a positive crossover. It indicated an increase in the bullish momentum.

However, the Chaikin Money Flow (CMF) reading was below the zero line, at -0.17. This means a liquidity exit from the market.

The Bollinger bands were shrinking, which signaled a sharp move. Moreover, the $APT price could notice an upswing in the coming sessions.

$APT Total Value Locked Continued To Rise

Since the beginning of 2024, Aptos crypto‘s total value locked (TVL) has continued to experience upward movement. It reached $436.77 Million at press time. A rising TVL means a growing interest in the project and could act in favor of $APT bulls.

TVL Data | Source: DeFiLlama

TVL Data | Source: DeFiLlama

Suppose the $APT price breaks and holds above the $7 mark resistance. It could push the $APT price to as high as $8. The $8.50 mark would follow this. However, an invalidation of the bullish thesis can decrease the $APT price to $5.70 and $5.