Tether is launching USDT on the Aptos blockchain, strengthening Aptos by bridging crypto assets with fiat.
On Tuesday, Aptos (APT) disclosed that Tether is introducing its USDT stablecoin on the Aptos blockchain. This action is advantageous for Aptos, as stablecoins like USDT serve as intermediaries between crypto assets and fiat currencies.
Additionally, the price action of Aptos exhibits a descending wedge pattern formation from a technical standpoint. If this pattern is breached, it could result in a bullish movement.
Aptos has Announced a Partnership with Tether.
Tether’s USDT stablecoin will be launched on the Aptos blockchain, Aptos announced in a Twitter post on Tuesday. The incorporation of USDT on the Aptos blockchain is anticipated to increase liquidity and trading volumes, which could lead to a bullish outlook for Aptos.
The inauguration of USDT on Aptos is anticipated to draw in a greater number of users and traders, as it is one of the most frequently used stablecoins.
Tether’s transition to Aptos is anticipated to result in reduced transaction fees, which could potentially increase transaction volume and improve user adoption, thereby promoting more frequent transactions on the network.
In general, the introduction of USDT on Aptos is considered a critical event that has the potential to significantly increase the growth and adoption of both Tether and Aptos.
The Price of Aptos may be on the Brink of a Surge
The price of Aptos is currently trading within a descending wedge pattern, which is formed by connecting multiple highs and lows with a trendline that was established in mid-April.
A bullish trend would be indicated by a break above this pattern. At the time of this writing on Tuesday, APT is trading at $6.35, a minor increase of 5.3%.
APT could experience a 12% increase in price and retest its daily resistance level at $7.79 if it surpasses the descending wedge pattern and closes above $6.95.
The Relative Strength Index and the Awesome Oscillator (AO) on the daily chart are on the brink of crossing their neutral levels of 50 and zero. In order for favourable momentum to persist, both indicators must be significantly above their neutral levels.
APT has the potential to extend an additional 11% rally to revisit its June 10 high of $8.63 if it closes above $7.79.
If APT’s daily candlestick closes below the $4.99 low set on August 8, the formation of a lower low on the daily timeframe would invalidate the bullish thesis. This action would result in a 12.5% decline in Aptos’ price, which would retest its low of $4.32 on August 5.
