Aptos price: What next as APT hovers near key level? 

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.

Recent Aptos developments

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.

What is the price outlook for Aptos?

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.