Aptos eyes over 10% gain, Franklin OnChain US Government Money Fund now represented on-chain

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

APT trades at $7.78, eyeing double-digit gains. 

Aptos gears up for double-digit price rally

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

FOBXX surged past $20 million in subscriptions, and Aptos blockchain considers this a sign of rising blockchain adoption among institutional investors. 

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

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

APT/USDT daily chart

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