Aptos (APT) is down 2.5% in the past 24 hours and has erased gains made in the past week as price dipped to lows near $16.40

Meanwhile, trading volume has shrunk 31% in the past 24 hours to about $150 million.

Aptos price has benefited from multiple network related news and events over the past 30 days. NFTs and real-world asset (RWA) integrations have been massive catalysts.

APT soared more than 12% at the start of the month to break above $10. Gains have come on the back of a great rally for Bitcoin year-to-data.

The upward strength for the altcoin also increased following Aptos’ partnership with Jambo in a deal aimed at pushing forth Web3 and crypto adoption across Africa.

The price of Aptos also got boosted when the Aptos Foundation inked a strategic partnership with a subsidiary of Korean giant Daehong Communications.

Sentiment around the Aptos project amid these developments suggests potential for long term upside movement. That picture has been in place since APT/USD decisively broke above $10 in February. Price has moved in a rising channel since.

If bulls bounce off $16 and pierce $18, they could extend gains beyond $20 as price discovery kicks in amid the bull market.

Currently, bulls have a slight advantage as Aptos price hovers above $16. The token’s value has gained more than 40% up in the past 30 days. Bouncing from the lower channel line will indicate upside continuation.

However, there’s a possibility of price revisiting lower support levels should bears strengthen with a breakdown beneath the channel support.

In this case, key levels to watch on the downside could be $14 and $12.

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