USDT from Tether on Aptos blockchain
Aptos announced it will incorporate Tether, the biggest stablecoin, onto its blockchain.
Breaking the falling wedge pattern might boost Aptos pricing.
A daily candlestick closing below $5 would disprove bullishness.
Tuesday, Aptos (APT) revealed that Tether is releasing its USDT stablecoin on its blockchain. This is good for Aptos since stablecoins like USDT bridge crypto assets and fiat currencies. Technically, Aptos price movement displays a falling wedge pattern that might lead to a positive advance if broken.
Aptos joins with Tether
On Tuesday, Aptos tweeted that Tether is releasing its USDT stablecoin on its network. USDT integration on the Aptos blockchain is anticipated to increase liquidity and trade volumes, which might benefit Aptos.
USDT is a popular stablecoin, therefore its introduction on Aptos is likely to draw more users and traders. Lower transaction costs from Tether's switch to Aptos might boost transaction volume and user adoption, encouraging more frequent network transactions.
USDT on Aptos is a major event that might boost Tether and Aptos adoption.
Aptos pricing may rise.
Aptos pricing is in a declining wedge pattern (drawn from mid-April trendline and several highs and lows). Bullish if this pattern breaks. APT is up 5.3% to $6.35 on Tuesday.
APT might climb 12% to retest its daily resistance level at $7.79 if it breaks above the declining wedge formation and closes above $6.95.
Daily Relative Strength Index and Awesome Oscillator (AO) are poised to cross their neutral thresholds of 50 and zero. Both indicators must be above neutral to continue bullish momentum.
If APT finishes over $7.79, it might rise 11% to $8.63, its June 10 high.
APT's daily candlestick closing below the August 8 low of $4.99 would disprove the bullish premise. This would cause Aptos to drop 12.5% to $4.32, its August 5 low.
