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Aptos (APT) is gradually recovering from a 3% decline on Thursday, following a significant network outage that lasted around five hours. The price of APT has since rebounded and is now bullish, trading above $5. This recovery was influenced by a post-mortem analysis of the issue, which generated considerable buying pressure. The network outage occurred on Aptos Mainnet’s one-year anniversary and lasted over five hours. However, the company clarified that the problem was not caused by network overload. The blockchain company stated that Aptos Mainnet experienced an issue due to non-deterministic code but assured that no transactions were lost and no fork took place during the incident. They have resolved the matter and implemented measures to improve protocols.
According to a report on the incident, a code change was made to the Aptos-core code base in August, with a focus on performance. However, the impact of this change only became evident after the launch of the “FeeStatement event” on October 16. This event revealed disagreements between validators regarding gas usage. The issue was resolved by identifying and reverting the problematic code change. Validators then upgraded to the fixed software, allowing them to reach a consensus and restart the chain. With the Aptos Mainnet back online, investor confidence in the native token APT was restored, leading to increased price bullishness.
The price of APT has increased by 3% in the past 24 hours and is currently trading at $5.12. Over the past week, the cryptocurrency has risen by 6%. CoinMarketCap data shows that Aptos has a live market capitalization exceeding $1.25 billion, with a 24-hour trading volume of over $92.5 million and a circulating supply of 145,629,183 APT. The APT price action has formed a cup and handle chart pattern on the four-hour chart, which is a significantly bullish pattern. If confirmed, this pattern could trigger a surge in buy orders. The altcoin faces resistance at the handle’s high of $5.13. To continue the uptrend, Aptos needs to overcome this resistance and close above the cup’s neckline at $5.2. This breakout would confirm the chart pattern and potentially push APT’s price up by 9.5% to the technical target above $5.71, representing a 12% increase from the current price.
This bullish outlook is supported by the Relative Strength Index (RSI), which has shown upward movement and crossed the midline, indicating positive sentiment for Aptos. The RSI’s reading of 62 suggests that the APT price action favors the upside, and further upward movement is expected. If the RSI crosses the 70 line into the overbought region, the upward trajectory will gain momentum. On the downside, if APT fails to overcome resistance at $5.13, the price may decline towards the 100-period Exponential Moving Average (EMA) at $5.05, and subsequently to the 50 EMA at $4.99. If the price drops below this point, it may reach the bottom of the handle around $4.90, where the downside could be limited on the four-hour timeframe, providing an opportunity for buyers to make purchases before another recovery attempt.
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