Aptos (APT) is recovering after a 3% drop on Thursday, caused by a major network outage that lasted about five hours. APT’s price has since recouped most of those losses, rising above $5 following a post-mortem that detailed the issues that unlocked the admirable buying pressure.
The Layer 1 blockchain network crashed at approximately 4:15 p.m. PDT as it celebrated its one-year anniversary. The outage lasted more than five hours, but the company explained that the problem was not caused by network overload.
The blockchain company confirmed that the Aptos Mainnet “experienced a problem due to non-deterministic code” and that no committed transactions were lost and no fork occurred during the incident, adding that “the issue has been resolved and steps have been taken to improve the protocols. “
Yesterday, Aptos Mainnet crashed due to non-deterministic code. No transaction was lost. The issue has been resolved and steps have been taken to strengthen the protocols.
Full reference to https://t.co/JRiH3N3pov.
— Aptos (@Aptos_Network) October 20, 2023
According to a report analyzeFollowing the incident, a performance-focused code change was committed to the Aptos-core codebase in August. However, this only became apparent after the start of the “FeeStatement incident” on October 16, which revealed disagreements between validators regarding the use of natural gas.
The issue was resolved by locating and reverting the problematic code change. The validators then upgraded to the stable software, allowing them to achieve consensus again and restart the chain.
Party open, Aptos. We’re back. pic.twitter.com/YxFJBQAgbR
— Aptos (@Aptos_Network) October 19, 2023
With the Aptos Mainnet up and running, investor confidence in the network’s native APT token has been rekindled with heavy selling, boosting its price.
Aptos price goes up
The price of APT has increased by 3% in the last 24 hours and is currently trading at $5.12. The crypto is up 6% in the past week.
Data from CoinMarketCap shows that Aptos has a live market cap of over $1.25 billion, a 24-hour trading volume of over $92.5 million, with a circulating supply of 145,629,183 APTs.
APT price action appears to have formed a chart pattern of cups and handles on the 4-hour chart. This is a significantly bullish chart pattern that, if confirmed, could trigger massive buy orders.
The altcoin is facing resistance from its handle high of $5.13. For Aptos to continue the uptrend, it needed to break through this resistance and move higher to form a four-hour candlestick that closes above the $5.2 cup neckline.
Such a move would confirm a break from the chart’s prevailing pattern. If this happens, APT could rise 9.5% to the upside to reach the technical target of the chart pattern above $5.71. If this happens, it will represent a 12% upside from the current price.
APT/USD four hour chart
This outlook was supported by the bullish Relative Strength Index (RSI), which continued its upward move after crossing the midline during early trading hours in Asia on Friday. This is an indication that Aptos sentiment had turned positive. Price strength at 62 suggests that the APT price action favored the upside.
The bullish trajectory will gain momentum when the RSI rises further, crossing the 70 line into overbought territory.
On the other hand, failure to break the resistance at the $5.13 level will lead the APT price to fall towards the 100 period exponential moving average (EMA) at $5.05 and later the 50 EMA at 4, $99. Sliding below this point you may see APtos price drop lower to mark the bottom of the handle around $4.90.
This is where the downside of APT could be limited to the four hour time frame. This would give buyers an opportunity to buy more on the dip before attempting another recovery.
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