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Cryptocurrency News Articles
Aptos (APT) Price Prediction: Will APT Break Above Crucial Resistance Level?
Oct 03, 2024 at 11:00 pm
Aptos's APT coin has experienced a resurgence in buying activity following Franklin Templeton's announcement of the expansion of its tokenized US Treasuries fund
Franklin Templeton’s announcement regarding the expansion of its tokenized US Treasuries fund, the Franklin OnChain US Government Money Fund (FOBXX), on the Aptos blockchain has fueled a surge in buying activity for the Aptos (APT) coin.
This news drove APT to an intraday day high of $8.33, showcasing a strong bullish bias toward the altcoin. While the Aptos' price has since shed some of these gains, it still notes a 1% hike over the past 24 hours. As of this writing, APT is trading at $7.96.
Moreover, there has been a 16% surge in APT's open interest within the same period. This metric measures the total number of a coin’s outstanding futures or options contracts that have not been settled or closed.
The combination of rising prices and increasing open interest often reflects bullish sentiment among traders. The willingness to add new positions indicates that traders expect the price movement to be sustained.
Adding to this, Aptos' positive funding rate of 0.0074% further supports this bullish outlook. A positive funding rate signifies bullish sentiment among traders. It suggests that more participants are confident in the price rise, leading them to take long positions. This can create upward pressure on the price of the underlying asset.
Aptos’ price might break above a crucial resistance level
The surging demand for the Aptos coin is evident from its rising Relative Strength Index (RSI). At press time, the indicator stands at 61.51.
The RSI gauges an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and due for a correction. Conversely, values below 30 indicate that the asset is oversold and may witness a correction.
At 62.99, the Aptos RSI suggests that buying momentum is high and outweighs profit-taking activity. According to the coin’s Fibonacci Retracement tool, if this trend continues, APT's next target is $10.11, a high it last reached in April. If it breaches this crucial resistance level, it may chart its course toward $19.48.
However, if the uptick in Aptos' price prompts holders to begin profit-taking, the coin may lose some of its gains and drop toward its August 5 low of $4.32.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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