Could Aptos Do Double Digits As Power Chain Backs Franklin OnChain US Government Money Fund?

• Aptos Announces Franklin OnChain US Government Money Fund Represented on Blockchain.
• FOBXX has surpassed $20 million in subscriptions, signaling a major breakthrough in institutional crypto adoption.
• APT has more than 10% gains, it is holding steady above the 10-day EMA.

Aptos (APT), a proof-of-stake blockchain network, is gaining on Wednesday amid new developments in its blockchain ecosystem. Aptos announced the launch of the Franklin OnChain US Government Money Fund (FOBXX) represented by the token BENJI.

APT is trading at $7.78, tracking double-digit gains.

Aptos braces for double-digit price hike

Franklin Templeton has launched the OnChain US Government Money Fund (FOBXX) represented by the token BENJI on the Aptos blockchain. The fund is regulated by the 1940 Act and invests at least 99.5% of its total assets in government securities, cash and repurchase agreements.

FOBXX has surpassed $20 million in subscriptions, and Aptos blockchain sees this as a sign of growing blockchain adoption among institutional investors.

APT could extend its gains by 10.8% and rise to $8.64, the September 24 peak for the asset. Moving Average Convergence Divergence (MACD), a momentum indicator, shows green histogram bars above the neutral line, which means there is underlying positive momentum in the APT price trend.

The asset could find support at the 10-day EMA at $7.41. The asset faces resistance at $11.84, the 50% Fibonacci retracement of the decline from the March 25 high of $19.37 to the August 4 low of $4.32.

APT/USDT Daily Chart

A daily candlestick close below the 10-day EMA at $7.41 could invalidate the bullish thesis and send APT collecting liquidity at the September 18 low of $5.70.