Elrond (EGLD) and Aptos (APT) are attractive in sideways markets because they register extreme price volatility. This price action is attracting market participants, who are trading sideways with Bitcoin and Ethereum, cutting long and short positions.
Launched a day ago among most crypto exchanges, Aptos experiences massive price fluctuations. At the time of writing, Elrond trades at $57 with a 4% gain in seven days and a 20% gain in thirty days. Meanwhile, Aptos trades for $7 with a loss of 47% in the last 24 hours.
Retailers pile up, bet on Elrond and Aptos
NewsBTC previously reported that bitcoin and the larger cryptocurrency could continue its sideways movement in the coming weeks. This sideways price action could exacerbate spikes in volatility for EGLD, APT and the token that is going viral on social media.
In that sense, Sentiment’s data showed an increase in “discussion rates” on Twitter, Telegram, and other platforms. Retail traders are posting about these cryptocurrencies, getting more people interested, leading to more volatility.
The research firm said the following on the price behavior of Elrond and Aptos: sharing The chart below:
Both Elrond and Aptos are trending on Wednesdays for different reasons. The price of $APT plummeted after the launch of its much-anticipated mainnet. In the meantime, $EGLD has benefited from the few shillings and giveaways circulating exclusively on Telegram.
Additional data from content indicators support this thesis. Retailers are following as Elrond ramps up its social media posting volume. Traders with buy orders from $100 to $1,000 are bidding on the price action of the EGLD.
The cryptocurrency is losing momentum on the shorter time frame. As seen in the chart below, EGLD price is facing heavy resistance at its current levels. Sell orders are getting thicker and could prevent the price of this cryptocurrency from maintaining its price action.
While the more important cryptocurrencies tend to trend sideways, any rally or volatility in the price of Elrond and Aptos could be short-lived. However, if too many traders jump into these coins, bitcoin and ethereum could lose stability.
According to a pseudonymous trader, the volatility of APT and Rising Participation can extract liquidity from other trading pairs. This price action leads to a sudden change in price direction for the more prominent cryptocurrencies, a situation that can be common even though the market lacks clear direction.
After Day 1: $150 million open interest, $3 billion futures volume, $1 billion spot volume…
— Byzantine General (@ByzGeneral) October 19, 2022
Credit : www.newsbtc.com