API3 Price Soars Over 100% This Week: Here's What You Need to Know

API3, the native token of the decentralized oracle project Api3, has experienced a remarkable price increase of over 100% during the past week. This surge was significantly influenced by its recent listing on one of South Korea's largest cryptocurrency exchanges, Upbit.

Key Takeaways

API3's price increased by 102% in just one week, reaching $1.69 before settling at $1.55.
The trading volume for API3 surged by 400% within a day, indicating robust investor interest.
Following its Upbit listing on August 19, API3's market cap nearly doubled, rising from $100 million to $197 million.
A breakout from a key chart pattern suggests potential for further price movement, with a target of $2.45.
Historical trends indicate that such price surges often face corrections post-listing.

API3 Price Soars Over 100% This Week

API3 Price Surge Analysis

API3, the cryptocurrency tied to the decentralized oracle solution Api3, witnessed a staggering increase of 102% in value over the last week. This spike was primarily driven by its listing on Upbit, one of the leading crypto exchanges in South Korea.

Recent data shows that API3 reached a peak of $1.69 on August 19, a seven-month high, and then adjusted to $1.55 at the time of this report. Notably, this price represents nearly a 200% increase from its lowest point of the year.

Among the more exciting developments for API3 was the significant rise in its trading volume, which shot up by 400% in just a single day, highlighting strong demand among investors. Further analysis from CoinGlass indicated that API3's open interest peaked at an all-time high of $111.3 million; the long/short ratio also exceeded 1, signaling increased confidence among traders in a possible upward movement.

The recent surge has nearly doubled API3’s market capitalization, climbing from $100 million to $197 million as of the latest figures.

The catalyst for this growth was undoubtedly its recent listing on Upbit on August 19. It’s not unusual for cryptocurrencies to display rapid price increases following a listing on a major exchange, and Upbit saw an impressive daily trading volume of $302.9 million — more than tripling what Binance recorded at $93.4 million.

However, it’s essential to note that such upward trends may witness a correction when the initial excitement subsides. A similar pattern was observed with OMNI, the native token of the Omni Network, which soared by over 120% after being listed on Upbit, only to lose significant value shortly thereafter.

As of now, API3 has experienced an 18% drop from its weekly high of $1.82 achieved during its Upbit listing.

On the daily price chart, API3 has been forming a symmetrical triangle pattern throughout the year. This pattern indicates a convergence of price action between lower highs and higher lows, signaling a phase of consolidation before a potential price breakout. A breach above the upper trendline generally indicates the beginning of a bullish trend, while a fall below the lower trendline suggests renewed bearish pressure.

In the case of API3, it has successfully broken above the upper boundary, fueled by the momentum from its recent exchange listing. Technical indicators reveal strong bullish signals, with the Aroon Up at 92.86% and Aroon Down at 0%, clearly showing upward momentum prevailing in the market. Similarly, the MACD has become positive, with both lines moving upwards and green histogram bars growing, indicating strong buyer interest.

Looking ahead, the next target for API3 is anticipated to be $2.45, which reflects the projected movement based on the current pattern breakout—approximately 58% above its existing price.

Disclaimer: This article is intended for informational and educational purposes only and does not constitute investment advice.