Aptos Labs and Microsoft Partner to Drive Web3 Adoption
Aptos Labs and Microsoft have joined forces to bring Web3 technologies to the mainstream. With the introduction of Aptos Assistant, web2 users will have an easy transition to web3. The partnership aims to explore tokenization and Central Bank Digital Currencies (CBDCs) as solutions to further advance web3 adoption. The announcement led to a 15% increase in the price of Aptos (APT), which is still ongoing.
Can Aptos (APT) Price Break Out From Resistance?
Technical analysis reveals that APT broke out from a descending resistance line on July 1. Despite a surge in daily active users following the Chingari Integration, the price was rejected at the $8 resistance area and fell below its breakout level. However, APT has started another upward movement on August 9 and is currently trading within the $8 area. If it breaks out, it could see a 65% increase to the next resistance at $13.
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RSI Indicates Bullish Trend for APT
The daily Relative Strength Index (RSI) supports the ongoing increase in APT price. Traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold. With the RSI above 50 and increasing, it indicates a bullish trend. This suggests that APT is likely to break out and reach the $13 resistance.
Possible Bearish Scenario for APT
However, if APT fails to clear the $8 resistance area, the price could turn bearish. A rejection could lead to a 27% drop to the $5.70 horizontal support area.
