Aptos (APT), which started to be listed on October 19, has been attracting great attention for a while. L1 project, which is on Binance’s list after FTX, continues to rise despite all the negativities. However, according to Twitter analysts, especially Cold Blooded Shiller, it may now be nearing the end.
Aptos (APT) catches the attention of shorts
The APT coin was sold privately to venture capitalists on October 19th before being listed on major cryptocurrency exchanges. The price of Aptos has dropped from about $17-30 to about $6.80 on various exchanges. This has led some analysts to claim that venture capital firms benefit from individual investors.
Now, Twitter’s @ColdBloodShill says that accumulating short Aptos positions will lead to a “top down”. Aptos whetted the appetite of shorts while he was on the top for a while. ColdBloodShill says this will result in a short squeeze, but will eventually result in higher levels. Last weekend, the Aptos price peaked at $10.33 before dropping to $9. It is currently trading at $9.74, up 4% from the last 24 hours.
Another analyst @SalsaTekila expects a short squeeze for Aptos, similar to ColdBloodShill. While sharing Coinalyze’s open interest data, the technical analyst warned that funding rates are negative and the price of Aptos is up 33%:
Open interest on APT has increased by $160 million in the past day. Meanwhile, the price increased by more than 33% while funding rates were negative at the maximum. People pay 0.75% every 8 hours on bybit to expose perpetrators! Shorts sweat as the chance of a short squeeze increases.
Short squeeze is an unusual situation that triggers skyrocketing prices. It occurs when there are heavily shorted investors in a crypto. This situation starts when the price unexpectedly rises. It gains momentum when most shorts decide to cut losses and exit their positions. Both analysts above say that Aptos shorted too many times at the peak price, but a short squeeze would reverse that.
Does it make sense to short APT?
In this regard, SalsaTekila said that he did not open an Aptos position, but was also hesitant to open a short. On the other hand, an analyst who started a long position on Aptos also announced his expectation for the APT price. With 155,000 followers, @cryptomocho made almost $9 in profit. On October 22, at around $7.50, Crypto Mocho posted its setup for a long position on Aptos.
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