- Aptos announces that Tether, the largest stablecoin, will soon be integrated with its blockchain.
- Aptos price trades inside the descending wedge pattern that could prompt a bullish move if broken.
- A daily candlestick close below $5 would invalidate the bullish thesis.
Aptos (APT) announced on Tuesday that Tether is launching its USDT stablecoin on the Aptos blockchain. This move is positive for Aptos as stablecoins such as USDT act as a bridge between the crypto assets and fiat currencies. Furthermore, from a technical perspective, Aptos price action shows a descending wedge pattern formation that, if broken, could lead to a bullish move.
Aptos announces partnership with Tether
Aptos announced on its Twitter post on Tuesday that Tether is launching its USDT stablecoin on the Aptos blockchain. This event could have a bullish outlook for Aptos, as the integration of USDT on the Aptos blockchain is expected to boost liquidity and trading volumes.
As USDT is one of the most widely used stablecoins, its launch on Aptos is expected to attract more users and traders to the platform. Tether's move to Aptos promises lower transaction fees, which could increase transaction volume and enhance user adoption, encouraging more frequent transactions on the network.
Overall, the arrival of USDT on Aptos is viewed as a pivotal event that could drive substantial growth and adoption for both Tether and Aptos.
That’s it. That’s the tweet https://t.co/omoPMwWKy7
— Aptos (@Aptos) August 20, 2024
Aptos price could be poised for a rally
Aptos price trades inside a descending wedge pattern (drawn from joining multiple highs and lows levels with a trendline from mid-April). Breaking above this pattern would signal a bullish move. At the time of writing on Tuesday, APT trades slightly higher by 5.3% at $6.35.
If APT breaks above the descending wedge pattern and closes above $6.95, it could rally 12% to retest its daily resistance level at $7.79.
The Relative Strength Index and the Awesome Oscillator (AO) on the daily chart are about to flip over their neutral levels of 50 and zero. For bullish momentum to sustain, both indicators must be well above their neutral level.
If APT closes above $7.79, it could extend an additional rally of 11% to revisit its June 10 high of $8.63.
APT/USDT daily chart
However, if APT's daily candlestick closes below the August 8 low of $4.99, the bullish thesis would be invalidated by forming a lower low on the daily timeframe. This move would lead to a 12.5% crash in Aptos price to retest its August 5 low of $4.32.
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