During Wednesday’s trading session, the Aptos price bounced 14% to reach the current trading price of $6.22. The surge in buying pressure can be attributed to Bitwise’s submission of an S-1 registration for an Aptos ETF, which has sparked renewed investor interest in the asset. As broader market correction eased, the APT price reversal aims for a rally to $10.
Key Highlights:
- The horizontal levels of $6.82 and $4.7 drive the current consolidation trend in Aptos’ price
- Since October 2023, the $4.7 has acted as a major accumulation zone for crypto buyers, surging a rally from 200-312%.
- Bitwise submitted an S-1 registration statement for a Bitwise Aptos ETF on March 5.
Bitwise Files S-1 Registration for Aptos ETF, SEC Review Awaits
On March 5th, Bitwise, a well-known crypto asset manager, filed an S-1 registration statement for the Bitwise Aptos ETF, signaling its intent to introduce an exchange-traded fund (ETF) based on the Aptos blockchain ecosystem. This move follows the previous registration of the Bitwise Aptos ETF in the state of Delaware, USA.
The filing of an S-1 is a crucial step in launching a publicly traded financial product, but the SEC’s review process is often lengthy and stringent, and approval is never guaranteed.
The introduction of an Aptos-based ETF is a significant development for the Layer 1 blockchain ecosystem, as it could bring increased institutional interest and liquidity to the Aptos network. If approved, this ETH could provide a regulated way for investors to gain exposure to Aptos, driving a surge in demand pressure.
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Aptos Price Shows Accumulation Trend At Mult-Year Support
For over a month, the Aptos price has been resonating between two horizontal levels of $6.82 and $4.7. This consolidation indicates an accumulation zone for buyers to replenish the bullish momentum above a major support zone.
Historical data shows a bullish reversal from this support has bolstered the APT price with a rally ranging from 200-312%. By the press time, the APT price traded at $6.21, just 10% short of challenging the overhead resistance.
The momentum indicator RSI in a recovery phase signals recuperating bullish momentum. A potential breakout from $6.87 will accelerate the buying pressure and kickstart a fresh recovery cycle.
Conversely, a breakdown below $4.7 will trigger a major correction.
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