Aptos’s APT coin has seen a notable increase in buying activity after Franklin Templeton announced the expansion of its tokenized US Treasuries fund, the Franklin OnChain US Government Money Fund (FOBXX), on the Layer-1 blockchain. This resurgence creates a bullish sentiment for the altcoin, which is on track to revisit its six-month high.
On Wednesday, Franklin Templeton, a leading investment manager with over $1.4 trillion in assets, launched its FOBXX on the Aptos blockchain. This news propelled APT to an intraday high of $8.33. Although the price has slightly decreased since then, APT still shows a 1% increase over the last 24 hours, trading at $7.96.
Furthermore, APT’s open interest surged by 16% during the same period, indicating traders' confidence in the altcoin's potential. Open interest measures the total number of outstanding futures or options contracts that have not been settled or closed.
The combination of rising prices and increasing open interest reflects a bullish sentiment among traders. APT’s positive funding rate of 0.0074% further supports this outlook, suggesting that more participants are confident in the price rise, leading them to take long positions. This can exert upward pressure on the price of APT.
APT’s rising Relative Strength Index (RSI) indicates strong demand for the altcoin. Currently, the RSI stands at 61.51, suggesting that buying momentum outweighs profit-taking activity. According to the Fibonacci Retracement tool, if this trend continues, APT’s next target is $10.11, a high last reached in April. If it breaks this crucial resistance level, it could move towards $19.48.
However, if the uptick in Aptos’ price prompts holders to take profits, APT may lose some gains and potentially drop towards its August 5 low of $4.32.
