• APT saw a massive increase in price of 92% in the last week, with an intraday trading session on 21 January reaching $12.
• The surge in value was attributed to the launch of two new APT liquidity pools on Binance Liquid Swap.
• However, APT is currently overbought, meaning a price correction might soon be underway.
Aptos [APT] saw an astronomical surge in value in the past week, with a 92% increase in price in the last seven days according to CoinMarketCap. On 21 January, the altcoin reached a peak of $12 during the intraday trading session, a four-fold increase from its lowest price of $3 in December 2022.
This surge in value was attributed to the launch of two new APT liquidity pools on Binance Liquid Swap on 20 January. Announced by leading cryptocurrency exchange Binance via a blog post on the same day, the pools consist of APT/BTC, APT/USDT, HFT/BTC, and HFT/USDT.
At press time, APT traded at $14.07 and was severely overbought according to its Relative Strength Index (RSI) at 91.98 and its Money Flow Index (MFI) at 89.56. The Average Directional Index (ADX) also revealed that sellers might find it difficult to revoke the buyers‘ control of the market in the meantime.
As a result, this might signify that the asset’s price may be due for a correction as many will seek to take profit at these levels. Therefore, investors should be aware that while APT had been on an upward trend since the beginning of the year, a price correction might be imminent.