Aptos Price Could Crash 37% Despite Tether’s Launch on APT

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Aptos price could crash 37% despite Tether's launch on APT

Aptos price, a Layer 1 Proof-of-Stake blockchain, has recently experienced a flat trading pattern. The value of APT tokens remains near critical support levels. With recent market fluctuations, buyers and sellers appear indecisive, leading to heightened volatility.

Aptos Price Tether To Launch on APT Blockchain

Tether has recently expanded its offerings by introducing its USDT token on the Aptos price, which is pegged to the US dollar. This strategic move aims to significantly reduce transaction fees. The decision aligns with Tether’s ongoing efforts to make digital currencies more accessible and usable worldwide.

The cryptocurrency has seen a notable increase in engagement over the past year, with daily active users climbing from 96,000 in January to 170,000 by July. By adopting the Aptos blockchain, known for its high scalability and rapid processing capabilities, Tether sets the stage for extremely affordable transactions, with gas fees just a fraction of a penny.

The cryptocurrency market has seen significant volatility over the past 24 hours. As of reporting time, the APT price is trading at $5.90, increasing slightly by 1.13% during the U.S. trading session. 

According to CoinMarketCap data, the trading volume for APT has surged by 52% to $135 million, indicating heightened investor activity and market interest. This spike in volume, coupled with a fluctuating price chart that saw the cryptocurrency reach lows of $5.74 and highs just above $6.00, reflects the ongoing dynamic of the crypto market.

What’s Next for Aptos? 

Aptos’s price is currently poised at a pivotal financial juncture, with market dynamics suggesting a potential uptick in its value. If bullish forces dominate, Aptos could soon target a $6 resistance barrier. This could further elevate the cryptocurrency toward the $10 mark with continued positive momentum. 

The 4-hour technical indicators for APT present a mixed sentiment in the recent trading period. The Moving Average Convergence Divergence (MACD) indicator shows the signal line hovering near zero, indicating a lack of strong momentum in either direction. The recent crossover could suggest a shift towards bullish momentum if sustained over the next few sessions.

The Relative Strength Index (RSI) is currently positioned around the midpoint at approximately 50. This level often indicates a neutral market condition but with a slight inclination towards buying pressure, given its recent uptick from lower levels.

Aptos Price Could Crash 37% Despite Tether's Launch on APT
Aptos price Chart: Source| TradingView

However, if bearish trends take hold, the Aptos price might retreat to a support level of $5.80. If the downtrend deepens, a descent to $5.50 is conceivable.

The post Aptos Price Could Crash 37% Despite Tether’s Launch on APT appeared first on CoinGape.

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