By Nermeen Nabil 
TLDR:
MEXC Ventures, Foresight Ventures, and Mirana Ventures launched a fund to support the Aptos ecosystem
Aptos (APT) price surged 16.2% in 24 hours, with trading volume up 85%
Technical analysis suggests APT could potentially reach $9.5, a 45% increase
On-chain metrics show bullish sentiment with a Long/Short ratio of 1.04
The partnership aims to develop Web3 projects using Aptos’ infrastructure
Aptos, a Layer 1 Proof-of-Stake blockchain, has seen a significant price increase following the announcement of a new investment fund.
On September 18, 2024, MEXC Ventures, Foresight Ventures, and Mirana Ventures jointly launched a fund to support the Aptos ecosystem. This strategic move aims to enhance the platform’s interoperability and foster the development of Web3 technologies.
The partnership has sparked considerable interest in the crypto community, resulting in a notable price surge for Aptos’ native token, APT. In the 24 hours following the announcement, APT’s price rose by 16.2%, reaching $6.62. This price movement was accompanied by an 85% increase in trading volume, indicating heightened participation from traders and investors.
Aptos Price at Coingecko
The primary goal of this collaboration is to nurture promising projects on the Aptos platform. By leveraging Aptos’ infrastructure and innovations like Block-STM, the fund aims to advance critical Web3 technologies and ensure seamless interoperability with key EVM ecosystems.
From a technical analysis perspective, APT’s price action appears bullish. The token has broken out of the neckline of a bullish double-bottom pattern, despite being in a broader downtrend. Currently trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, APT could potentially see further upside.
Based on historical price momentum and the recent breakout, some analysts suggest that APT could potentially reach $9.5 in the coming days, representing a 45% increase from current levels. However, the token may face resistance around the $7.5 mark due to previous price reversals at this point.
On-chain metrics further support the bullish sentiment surrounding APT. Data from Coinglass shows that APT’s Long/Short ratio stands at 1.04, indicating that traders are generally optimistic about the token’s prospects.
Future open interest in APT has increased by 13% over the past 24 hours, suggesting that traders are building more long positions compared to short positions.
The surge in APT’s price aligns with broader positive movements in the cryptocurrency market. Bitcoin has recently surpassed $64,000, while Ethereum maintains levels around $2,500. Other altcoins, including Solana, have also experienced gains, contributing to an overall uptrend in the market.
Forest Bai, Co-Founder and CEO of Foresight Ventures, emphasized the importance of this new fund, stating that Aptos developers are addressing key challenges faced by the blockchain community. He expressed that this fund marks the beginning of their ongoing support for innovative projects within the Aptos ecosystem.
As of the latest data, APT is trading at $6.83, marking a 6.97% increase within the day. The Relative Strength Index (RSI) has climbed to 61, indicating increasing buying momentum. The Chaikin Money Flow (CMF) indicator has also moved into positive territory at 0.16, suggesting a strong influx of capital into the asset.
Trading activity for Aptos derivatives has seen a significant uptick, with volume increasing by 47.28% to $318.55 million. Open interest in these derivatives has also risen by 14.97% to $112.26 million, further highlighting growing investor engagement with Aptos financial instruments.
While APT is currently facing resistance at the $7 level, a breakthrough above $8 could potentially trigger a more substantial bullish pattern.
Some market observers suggest that future price targets could include $9 and possibly $10, representing a potential 45% upside from current levels.
The post Aptos (APT) Token Surges 16% Following Joint Venture Announcement, What’s Next? appeared first on Blockonomi.
Nermeen Nabil Khear