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Aptos (APT) is recovering after a 3% slump on Thursday, occasioned by a major network outage that lasted approximately five hours. APT price has since recovered most of these losses as it turns bullish above $5 after a post-mortem detailing the issues unlocked admirable buying pressure.
The Layer 1 blockchain network went down at approximately 4:15 PM PDT as it celebrated its one-year anniversary. The outage lasted more than five hours but the company explained that the issue was not caused by network overload.
The blockchain company confirmed that the Aptos Mainnet “experienced an issue due to non-deterministic code” and that no committed transactions were lost and no fork occurred during the incident, adding that “the matter was resolved and measures have been taken to enhance protocols.”
Yesterday, Aptos Mainnet experienced an issue due to non-deterministic code. No transactions were lost. The matter was resolved and measures have been taken to enhance protocols.
Full report at https://t.co/JRiH3N3pov.
— Aptos (@Aptos_Network) October 20, 2023
According to a report analyzing the incident, a performance-focused code change was committed to the Aptos-core code base in August. However, this only became apparent after the “FeeStatement event” launched on October 16, which revealed disagreements between validators on 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 again and restart the chain.
Party on, Aptos. We’re back.https://t.co/CV5G5MyAZQ pic.twitter.com/YxFJBQAgbR
— Aptos (@Aptos_Network) October 19, 2023
With the Aptos Mainnet up and running, investor confidence in the network’s native token APT was rekindled with intense selling, increasing its price.
Aptos Price Turns Bullish
APT price is up 3% over the last 24 hours and is trading at $5.12 at this time. The crypto has risen 6% over the past week.
Data from CoinMarketCap shows Aptos has a live market capitalization of over $1.25 billion, a 24-hour trading volume of more than $92.5 million, at a circulating supply of 145,629,183 APT.
The APT price action appears to have formed a cup and handle chart pattern on the four-hour chart. This is a significantly bullish chart pattern that, if confirmed, could trigger massive buy orders.
The altcoin faces resistance from the handle’s high of $5.13. For Aptos to continue the uptrend, it needed to overcome this resistance and move higher to produce a four-hour candlestick close above the cup’s neckline at $5.2.
Such a move would confirm a breakout from the governing chart pattern. If this happens, APT could spike 9.5% on the upside to reach the technical target of the chart pattern above $5.71. If this happens, it would represent an 12% ascent from the current price.
APT/USD Four-Hour Chart
The bullish Relative Strength Index (RSI) supported this outlook, which continued its upward movement after crossing the midline during the early Asian trading hours on Friday. This is an indication that Aptos’s sentiment had turned positive. The price strength at 62 suggested that the APT price action favored the upside.
The upward trajectory will gain momentum once the RSI moves further up, crossing the 70 line into the overbought region.
On the downside, failure to overcome resistance at the $5.13 level would see the APT price turn down toward the 100-period Exponential Moving Average (EMA) at $5.05 and later to the 50 EMA at $4.99. Sliding below this point may see APtos price drop lower to tag the bottom of the handle around $4.90.
This is where APT’s downside could be capped on the four-hour timeframe. This would give the buyers an opportunity to buy more on the dip before attempting another recovery.
APT Alternatives
Bitcoin Minetrix (BTCMTX) is one of the industry’s newest and hottest crypto presales. It has already managed to raise over $1.8 million, now closing in on the $2 million mark.
The presale recently saw the price of its token increase from $0.011 to $0.0111, and in about 11 days, the price will increase once more to $0.1221. Therefore, this is the opportunity to buy the token at lower prices.
#BitcoinMinetrix has passed the $1,800,000 mark!🚀 pic.twitter.com/mBNdn4syU7
— Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
Bitcoin Minetrix is a decentralized, transparent, and safe cloud mining platform that allows users to stake its token, BTCMTX, and receive credits, which are then used for mining BTC.
Since it is all done via the cloud, you don’t need expensive equipment or massive electricity. The project seeks to offer its users the opportunity to join a legitimate cloud mining platform and help them overcome doubts caused by many other fake or fraudulent cloud miners that have emerged over the years.
To achieve this, it ensured it was entirely decentralized and fully transparent so that users would always feel safe and in control.
Visit Bitcoin Minetrix here for more information.
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