APT, the native token of the Layer 1 proof-of-stake blockchain launched by former Meta developers, has been making waves in the stock market this week, rising an impressive 60% over the weekend.
What is the reason for Aptos price increase?
Aptos Labs on December 22, 2022 Released a blog post About their next big move – lower gas fees. This upgrade was done in response to community requests to improve the network’s gas schedule.
The developers released a three-step plan to fix the problem. This will include improvements in operations on NFT data that will reduce transactions by 10 times. Additionally, they will create gas-driven data structures and a gas model that separates storage costs from execution costs.
All this was to be completed by late Q1. The first phase, which was to be done by early January 2023, could generate new power. Aptos ecosystem.
Aptos supporters are optimistic about the asset price in the near future as the demand for Aptos NFTs starts to increase.
Also, on January 20, Binance announced that its liquid swap service will include APT/BTC and APT/USDT. This decision may be the reason for the recent increase in prices.
What’s Next for APT Price?
Aptos has been on a tear in recent weeks. Since December 30th, APTOS has done +371%. The asset rose and broke out of the 93-day consolidation channel. Additionally, APTOS is consistently trading above its 50-day moving average, a bullish setup. Also, APTOS broke out of a multi-month double-bottom pattern.
Double bottom patterns usually indicate a reversal of the previous pattern. Currently, APTOS is in price discovery. The next level to watch should be $17.92, and after that, $22.73.
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