- The decline in CMF and Aroon shows that the rise in APT is about to end.
- Sentiment developed negatively, but whales continued to buy momentum.
The amazing performance of fit [APT] Since the beginning of 2023 it may eventually stop, as of February 6 conscious insight. For L1 token holders, those few days in 2023 will be ones to remember. according to CoinMarketCapAPT’s 30-day performance was a whopping 302.31% increase.
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The same price increase was a reason why Apto’s market cap could do just that Make it into the top 30. This means that a lot of liquidity has been circulating around the token with the potential to attract more in the future.
However, APT has been one of the worst performers over the past seven days, Santment rightly states. During the mentioned period, the token lost 6.28% of its value – the worst among the top 30 market caps. But there was an important reason for this decline.
Excerpts from the on-chain platform report that Chaikin Money Flow (CMF) has decreased significantly. The indicator describes the size-weighted distribution and accumulation of assets. In most cases, the time frame is 21 days.
Although Santiment showed a negative CMF of -0.01, press time information showed that it had eased further to -0.02. This indicates a decrease in buying pressure and an extensive distribution of APT tokens.
Source: TradingView
Aroon was another indicator that is also considered as shown in the chart above. The indicator is the one that measures the direction and strength of the price.
Interestingly, the Aroon Up line (orange) turned down and settled below 25%. Such an adverb means that upward trend, if any, may be weak. Therefore, a decline in value may be imminent.
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So APT may sustain the 3.91% increase registered in the last 24 hours if bitcoin [BTC] The strength is strong enough to absorb the broader market.
Technical outlook aside, the state of the APT series wasn’t in the best shape either. In addition, investors’ perception of the token is bleak. This was a result of the massive drop in weighted sentiment.
For most of January, sentiment toward APT was high at several intervals. But from January 28th to February, the enthusiasm waned. At the time of publication, the weighted sentiment is negative at -0.093.
However, the influence of whalers on APT’s performance cannot be ruled out, as on-chain data showed that they were instrumental in keeping up with buying pressure. But as the chances of retreat increased, the whales chose to conserve their supplies.
Source: Santiment