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.
Tether (USD₮) To Launch on Aptos Blockchain
Learn more: https://t.co/oAZcqa5RRv pic.twitter.com/0Mp7Lwm82b— Tether (@Tether_to) August 19, 2024
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.
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.
Frequently Asked Questions (FAQs)
The mainnet of Aptos launched on October 18, 2022, following the Aptos genesis event on October 12, 2022.
Aptos claims to achieve a theoretical transaction throughput of over 150,000 transactions per second through its parallel execution capabilities.
Aptos has secured substantial funding, including a $200 million seed round led by Andreessen Horowitz in March 2022, and another $200 million in a Series A round in July 2022. Binance Labs also made a strategic investment in September 2022.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/aptos-price-could-crash-37-despite-tethers-launch-on-apt/
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