The APT token experienced a substantial price decline in the last week following a prolonged rally. According to CoinMarketCap, APT ranked as the cryptocurrency asset with the most losses in the last seven days.
A look at the daily chart revealed that holders have heavily distributed their APT tokens. The position of the CMF lent credence to this. It was positioned at -0.01 at the time of writing. A negative CMF indicates a decline in buying pressure and is usually accompanied by a price drawdown.
Further, the Aroon Up Line was in a downtrend at 21.43%. When the Aroon Up line is close to zero, the uptrend is weak, and a price decline is underway.
Weighted sentiment for APT was negative and has so been since the month started. This showed that negative sentiment lingered in the market as investors remain unsure of a continued price rally.