Less buying pressure has pushed Aptos’ APT lower over the past week after a prolonged run higher. However, user activity on this Layer 1 (L1) PoS blockchain has increased over the same period as APT’s value has declined, according to Artemis.
According to the cryptocurrency metrics aggregator, the number of daily active addresses on the network began to increase on February 7 and peaked at 28,800 active addresses on February 9. At the time of writing, the total number of active addresses on the network is 13,500.
Additionally, the network’s daily transaction volume hit an all-time high of 265,100 on February 2. Since then, that number has dropped by 72%. As of February 10, the total number of transactions completed on the network was 73,200.
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According to Artemis, the increase in user activity was due to “heavy activity involving NFTs, DEXs, and wallets” on the Aptos blockchain.
APT down but few care
At the time of writing, APT was trading at $13.95. The price of the altcoin has fallen 32 percent since peaking at $19.86 on Jan. 26.
The price of APT has fallen sharply over the past two weeks as buying pressure has eased. Evaluating the movement of the coin on the chart reveals this.
At press time, key momentum indicators that previously set overbought highs are now near oversold territory. The APT Relative Strength Index (RSI) was below the neutral level at 48.88, while the Money Flow Index (MFI) was fixed at 35.29.
This points to a notable drop in buying momentum over the past few weeks, as many traders took profits on their initial investments.
With Chaikin Money Flow (CMF) below the centerline -0.05, APT price is sure to fall further. A negative CMF value indicates that selling pressure is greater than buying pressure. Therefore, it makes sense for APT’s price to continue lower as long as CMF remains low.
APT/USDT | Source: TradingView
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