Aptos (APT) price rises 15% in an hour on news of partnership with Microsoft
Date: 2023-08-10 Author: Karina Ziganova Categories: BLOCKCHAIN, IN WORLD
The news that Aptos Labs and Microsoft will work together on the development of Web3 technologies led to a sharp increase in the Aptos price. We tell you whether the token will be able to develop an upward trend.
On August 9, Aptos Labs announced that it will be pushing the mass transition to Web3 with Microsoft. As part of the partnership, Aptos Labs will introduce Aptos Assistant, which will help ordinary Internet users move from web2 to web3.
Aptos and Microsoft will jointly develop solutions related to tokenization and Central Bank Digital Currencies (CBDC), thereby advancing the adoption and popularization of web3.
The news about the partnership threw up the APT rate by 15%, while the coin continues to grow in price.
Technical analysis on the daily time frame shows that on July 1, the APT price broke through the descending resistance line that had been forming for 155 days.
However, APT failed to develop an upward movement. Rebounding from the resistance at $8, the price of the coin fell below the breakout level. This happened despite the fact that after the integration with Chingari, the number of daily active users of Aptos increased by 800%.
However, on August 9, the APT started another upward movement and is currently trading near $8 again. Breaking this resistance will provide a 65% rise to the next important $13 mark.
The relative strength indicator (RSI) on the daily chart confirms the possibility of further growth. Its value is above 50 and growing - these are signs of a bullish trend. Thus, APT price is likely to break ahead and reach the $13 resistance level.
Despite the bullish signs, the APT price outlook will remain bearish if the price fails to clear the $8 resistance area. a pullback could lead to a 27% drop to the $5.70 horizontal support area.
