The buying interest for Aptos’s APT coin has seen a significant uptick following Franklin Templeton’s announcement regarding the expansion of its tokenized US Treasuries fund — the Franklin OnChain US Government Money Fund (FOBXX) — onto the Layer-1 (L1) blockchain.
With a growing bullish sentiment surrounding the altcoin, it is likely to revisit its six-month peak. This analysis examines the potential timeline for this occurrence.
Aptos Joins the FOBXX Fund, Boosting APT
On Wednesday, Franklin Templeton, a prominent investment manager overseeing over $1.4 trillion in assets, announced the introduction of its FOBXX on the Aptos blockchain. This news propelled APT to an intraday high of $8.33. Although Aptos’s price has since retraced some of these gains, it still registers a 1% increase over the last 24 hours. At the time of writing, APT is trading at $7.96.
Additionally, APT’s open interest has surged by 16% during the same timeframe. This figure reflects the total number of outstanding futures or options contracts for the coin that remain unsettled or open.
Read more: Where To Buy Aptos (APT): 5 Best Platforms for 2024
The combination of increasing prices and rising open interest typically indicates a bullish sentiment among traders. The readiness to establish new positions suggests expectations of sustained price movement.
A positive funding rate of 0.0074% for APT corroborates this optimistic outlook. A positive funding rate indicates bullish sentiment among market participants. It shows that more traders are confident in a price increase, prompting them to take long positions, which can apply upward pressure on the asset’s price.
APT Price Prediction: Potential Break Above Key Resistance Level
The rising Relative Strength Index (RSI) for APT highlights the growing demand for the altcoin. Currently, the indicator is at 61.51.
The RSI measures overbought and oversold conditions in the market, operating on a scale from 0 to 100, with values over 70 indicating an overbought state and a potential correction. Conversely, readings below 30 suggest an oversold condition that could also lead to a correction.
With an RSI of 62.99, APT is showing strong buying momentum that exceeds profit-taking activity. Utilizing the Fibonacci Retracement tool for the coin, if this trend persists, APT’s next target could be $10.11, a level it last achieved in April. If it successfully surpasses this critical resistance level, it may aim for $19.48.
Read more: Aptos (APT) Price Prediction 2024/2025/2030
However, if the rise in Aptos’s price triggers profit-taking among holders, the coin could retract some of its gains, potentially falling towards its August 5 low of $4.32.
Disclaimer
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