You can also read this news on BH NEWS: API3 Token Gains Draw Market Attention
API3, a decentralized oracle network, is enhancing its significance on the blockchain by improving access to real-world data. Over the past week, the API3 token has experienced a substantial price increase of roughly 90%, pushing its value above $1.80. This uptrend occurs at a time when the broader market sentiment is notably weak, captivating the interest of cryptocurrency enthusiasts.
Recent evaluations have shown a notable shift in the funding rates for API3, which turned significantly negative over the last 24 hours. Between August 19th and 20th, the rate fell from -0.47% to -1.10%, indicating that many traders anticipate a price drop and have, therefore, opened short positions. Despite this bearish sentiment from traders, API3’s price did not experience a corresponding sharp decline, displaying resilience in the market.
Despite some price fluctuations, the API3 token continues to attract buyers. The Chaikin Money Flow (CMF) indicator has risen from 0.04 to 0.10 on its daily chart, suggesting a steady inflow of capital. This positive CMF indicates that money continues to flow into the market, even if price pullbacks occur. The examination of price changes and trading volumes highlights the overall money flow direction.
API3 balances in exchanges saw a reduction of 30.5% over the past week, with balances now at 28.63 million tokens. Meanwhile, the top 100 API3 holders have increased their holdings by 25.98%. Notably, holdings in “Smart Money” wallets jumped by 204%, showing intensified interest.
A positive trend is evident in API3’s 4-hour price chart. Support around the 0.236 Fibonacci level, near $1.49, has been identified, and the Bull-Bear Power (BBP) indicator remains positive with a value of 0.464. This suggests a buyer-friendly market atmosphere.
If buying strength persists, traders might consider closing short positions, potentially spurring additional price increments. Price targets are placed at $1.64 and $1.77. Conversely, should the price dip below $1.24, it might endanger long positions and generate downward pressure.
Market expert Harsh Notariya remarks on the continuing interest from market participants, acknowledging:
“Currently, there appears to be strong buying interest in API3. We will observe market evolutions for a clearer directional standpoint over the short term.”
With active buyer participation and positive indicators, API3 remains a point of focus within the crypto market. The coming period will be crucial in determining whether these trends persist amidst a volatile market backdrop.
By BH NEWS
about 7 hours ago
