APT Surges 7% After Bold Acquisition of Japanese Blockchain Developer HashPalette

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Oct 04 2024

Should l Buy APT?

Aptos Acquires HashPalette: Aptos, a Layer 1 blockchain network, has acquired Japanese developer HashPalette to expand its presence in the Japanese blockchain market, resulting in a 7% increase in Aptos token value. The integration of HashPalette's Palette Chain into Aptos is expected before Expo 2025, enhancing options for users in NFTs and dApps.
Market Reactions and Future Prospects: Following the acquisition announcement, Aptos' native token APT surged by over 7%, while HashPalette's PLT token dropped by 15% due to uncertainty about its future. Aptos aims to leverage the upcoming Expo 2025 in Osaka to showcase its blockchain capabilities and further establish itself in Asia's digital asset landscape.

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Technical Analysis for APT

Technical Sentiment Analysis for Aptos (APT) As of , Aptos (APT) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for APT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, APT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Aptos (APT) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.521	0.71	0.924	1.113	1.327	1.516	1.73
Fibonacci	0.71	0.864	0.959	1.113	1.267	1.362	1.516

About APT

Aptos is a Layer 1 Proof-of-Stake (PoS) blockchain that employs a novel smart contract programming language called Move, a Rust-based programming language that was independently developed by Meta (formerly Facebook)’s Diem blockchain engineers.Aptos’s vision is a blockchain that brings mainstream adoption to web3 and empowers an ecosystem of DApps to solve real-world user problems.The PoS blockchain can achieve a theoretical transaction throughput of over 150,000 transactions per second (tps) through parallel execution.In March 2022, Aptos raised $200 million in a seed round led by the venture capital firm Andreessen Horowitz (a16z). Other crypto heavyweights like Tiger Global and Multicoin Capital took part in the funding round. Fast forward to July, the startup raised another $200 million in a Series A round with participation from Dragonfly, Apollo Global, Franklin Templeton, Animoca, Jump Crypto and others.Two months later, Binance Labs made a strategic investment of an undisclosed amount in Aptos.On Oct. 18, 2022, Aptos announced the mainnet launch, while the Aptos genesis occurred on Oct. 12, 2022.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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