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- Avalanche surged by more than 100% in the last 30 days.
- Aptos’ price only moved by 5% last month, but its market indicators were bearish.
The last month was by and large a good time for investors as the market turned bullish.
Avalanche [AVAX] and Aptos [APT] both registered gains during that period. But an interesting commonality was that both of these blockchains unlocked a substantial number of tokens in November, which generally causes a price drop.
Therefore, let’s dive deep to find out how these tokens performed in the bull market while they injected more tokens into their supply.
Avalanche was unaffected by the unlock
As per CryptoDiffer’s latest tweet, Avalanche and Aptos were the top tokens last month in terms of the most tokens unlocked.
On the one hand, AVAX unlocked tokens worth more than $243 million, while on the other hand, Aptos unlocked tokens worth over $188 million.
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) December 6, 2023
Typically, token unlocks are accompanied by price drops as they increase supply, which causes a decline in demand, in turn pushing an asset’s price down.
However, that was not the case with either of the aforementioned tokens, which can be attributed to the bullish market condition in November.
To put it into perspective, AVAX was up by more than 100% in the last 30 days. At the time of writing, it was trading at $27.64 with a market capitalization of over $10 billion.
AMBCrypto then had a look at AVAX’s on-chain metrics to better understand how it performed while the blockchain released new tokens.
As per our analysis, 1-week price volatility dropped after spiking on 17th November 2023. But the rest of the metrics looked good. Avalanche’s Binance funding rate remained green, meaning that it was in demand in the derivatives market.
The token’s Chaikin Money Flow (CMF) registered a sharp uptick, which suggested that the token might continue its bull rally further.
However, AVAX’s price touched the upper limit of the Bollinger Bands. Additionally, its Relative Strength Index (RSI) also entered the overbought zone, which can increase selling pressure.
How did Aptos fare
Though Aptos did not move much to the degree that AVAX did, the former also registered gains last month.
According to CoinMarketCap, APT was up by nearly 5% in the last 30 days. At the time of writing, it was trading at $7.53 with a market cap of over $2 billion. Throughout the month, positive sentiment around the token remained high.
However, other metrics turned bearish. For example, its open interest declined, meaning that derivatives investors were not interested in buying APT.
In addition, its development activity also dropped. This suggested that less effort was made by developers to improve the network.
How much are 1,10,100 APTs worth today
Mentioning the future, AMBCrypto then took a look at APT’s daily chart. The MACD clearly displayed an on-going battle between the bulls and the bears.
Its Relative Strength Index (RSI) took a southward path, meaning that investors could expect a price drop. But its Chaikin Money Flow (CMF) was bullish as it moved upward.