Aptos [APT] diversifies into NFTs and music: How did the price react
- Aptos revealed its next growth plan involving NFTs and the music industry.
- APT struggled to maintain bullish momentum as selling pressure slowly trickled back.
The Aptos [APT] the network is taking advantage of the latest hype surrounding its platform to pursue more growth opportunities. Two of the latest announcements reveal that the network is looking at growth opportunities in the music industry as well as pushing deeper into the NFT market.
Is your portfolio green? Check out Apto’s profit calculator
Aptos recently confirmed its plans to play an active role in the music industry and potentially even revolutionize it. The network aims to achieve this by bringing WEB3 benefits to the music industry through KYD apps.
This is what Web3 consumer adoption looks like! 👀@KYDLabs turn music lovers into new Web3 consumers with seamlessly integrated onboarding: buying tickets and RSVPing for shows by their favorite artists.
🙌 Another Aptos victory, where culture meets innovation. pic.twitter.com/SwuDvbQAGd
— Aptos (@Aptos_Network) March 24, 2023
Aptos is likely to leverage its NFT capabilities as part of its plans for the music industry. The network also conveniently launched OrderDAO, the new community governance protocol for NFT projects. The protocol will make it easier for projects to make effective decentralized decisions about their future.
Community management for NFT projects at Aptos is here.
OrderDAO is officially live, offering a code-free solution to empower communities to influence the future direction of their project.
Check it out! 👇
— Aptos (@Aptos_Network) March 23, 2023
Could these announcements breathe new life into APT?
Aptos’ native cryptocurrency APT struggled to find directional performance this week after last week’s rally. This suggests that the bulls ran out of momentum. Meanwhile, the Bears have been pushing to take over. APT was down 6.8% at the press time price of $12.20.
Source: TradingView
There are other reasons why investors can expect selling pressure to prevail. For example, APT’s RSI attempted to push below the 50% level. The price also faced resistance above the $13.7 price range, and it has struggled to reach above its 50-day moving average.
Numerous Aptos calculations show a higher potential for a pivot. For example, APT’s price volatility has been decreasing and is currently at a weekly low. In addition, the price experienced a significant drop in volume between 23 and 24 March, a confirmation that the bulls were losing strength.
Source: Sentiment
APT’s weighted sentiment fell slightly over the past 24 hours at press time, confirming that some investors are losing faith in the bulls. However, the press time level was significantly higher than the weekly low of March 20.
Source: Sentiment
How much are 1,10,100 APTs worth today?
Aptos’ social dominance measurement had its highest weekly peak in the last 24 hours. This was an important observation as it may indicate that APT investors were aware of the bull’s inertia.
They can thus act in accordance with the current observations, and potentially contribute to more selling pressure. Of course, this will depend on the general market direction, which may regain upside unexpectedly.
