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Aptos (APT) is recovering after a 3% drop on Thursday, caused 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 problems unlocked admirable buying pressure.
The Layer 1 blockchain network went down at approximately 4:15 pm PDT while celebrating its first anniversary. The outage lasted more than five hours, but the company explained that the problem was not due to network overload.
The blockchain company confirmed that Aptos Mainnet “experienced an issue due to non-deterministic code” and that no committed transactions were lost or forks occurred during the incident, adding that “the matter has been resolved and steps have been taken to improve the issues.” protocols”. “
Yesterday, Aptos Mainnet experienced an issue due to non-deterministic code. No transactions were lost. The matter was resolved and steps have been taken to improve protocols.
Full report at https://t.co/JRiH3N3pov.
—Aptos (@Aptos_Network) October 20, 2023
According to a report analysisFollowing the incident, a performance-focused code change was made to the core Aptos codebase in August. However, this only became evident after the “FeeStatement event” launched on October 16, which revealed disagreements between validators over the use of gas.
The issue was resolved by identifying and reverting the problematic code change. Validators then upgraded to fixed software, allowing them to reach consensus again and restart the chain.
Let the party begin, Aptos. We are back.https://t.co/CV5G5MyAZQ pic.twitter.com/YxFJBQAgbR
—Aptos (@Aptos_Network) October 19, 2023
With Aptos Mainnet up and running, investor confidence in the network’s native APT token was rekindled with intense selling, increasing its price.
Aptos price turns bullish
APT price is up 3% in the last 24 hours and is trading at $5.12 right now. The cryptocurrency is up 6% over the last week.
CoinMarketCap Data shows that Aptos has a real market capitalization of over $1.25 billion, a 24-hour trading volume of over $92.5 million, with a circulating supply of 145,629,183 APT.
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 rally to produce a four-hour candle close above the cup neckline at $5.2.
Such a move would confirm a break with the current chart pattern. If this happens, the APT could surge 9.5% higher to reach the technical target of the chart pattern above $5.71. If this happens, it would represent a 12% increase from the current price.
APT/USD four-hour chart
This outlook was supported by the bullish Relative Strength Index (RSI), which continued its upward movement after crossing the midline during the early trading hours in Asia on Friday. This is an indication that Aptos sentiment had turned positive. Price strength at 62 suggested APT price action favored the upside.
The upward trajectory will gain momentum once the RSI rises further, crossing the 70 line towards the overbought region.
On the downside, if the resistance at the $5.13 level is not broken, the APT price would decline towards the 100-period exponential moving average (EMA) at $5.05 and then towards the 50 EMA periods at $4.99. Slipping below this point, APtos price may fall to the bottom of the handle around $4.90.
This is where the APT drop could be limited within four hours. This would give buyers a chance to buy more on the dip before attempting another rally.
APT Alternatives
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#BitcoinMinetrix It has surpassed the $1,800,000 mark! pic.twitter.com/mBNdn4syU7
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