API3, the native token of decentralized Oracle Solution API3 rose to 102%in the last 7 days, largely fed by the list on one of the largest crypto exchanges in Korea.
Summary
- API3 has risen more than 100% after obtaining an upbit list.
- Toking can focus on $ 2.45 if it is then broken from a symmetrical triangle.
According to data from crypto.news, API3 (API3) arrived yesterday at a peak of a high point of 7 months of $ 1.69, on August 19, before setting himself at the press at $ 1.55. At the current price it remains almost 200% higher than its low to date.
API3 -Tokes came together with a huge leap into his daily trade volume, which rose 400% in the last day, indicating a strong question from investors. Further Coinglass facts Shows that his open interest rose has risen to a record high of $ 111.3 million, while the long/short ratio has risen above 1, suggesting that more traders position for further upwards.
The market capitalization of the token has almost doubled last week and rose from $ 100 million to $ 197 million.
API3’s strong profits follow are offer On Upbit, the largest cryptocurrency exchange of South Korea, on August 19.
It is quite common for a cryptocurrency to become parabolic after a large exchange list. In this case, the effect was clear on Upbit, which registered the highest daily trade volume at $ 302.9 million, more than three times of Binance, which followed with $ 93.4 million.
However, such trends often experience a pullback as soon as the frame hype fades. As previously reported by crypto.news Omni, the native token of the Omni network, more than 120% shot up shortly after a similar list on Upbit. However, Token lost most of his win with a week later.
As such, API3 can run a similar risk and it can continue to give up its recent winnings unless a large bullish catalyst is created.
At the time of the press, API had fallen more than 18% compared to its weekly highlight of $ 1.82 that it struck on the day of his upbit list.
API3 has been a symmetrical triangular pattern on the daily price diagram since the beginning of this year. This formation occurs when price action comes together between a series of lower highlights and higher lows, which reflect a period of consolidation before a potential outbreak.
An outbreak above the upper trend line usually indicates the start of a bullish trend, while a breakdown under the lower trend line often indicates renewed Bearish pressure.
In the case of API3, token has confirmed a clean outbreak above the upper limit, powered by the momentum around the recent upbit list. Technical indicators strengthen this bullish signal.
The Aroon up is 92.86%, while the Aroon Down is 0%, a clear confirmation that the upward momentum dominates the market. Likewise, the MacD has become positive, with both lines trending up and green histogram stations that expand, another indication that buyers dominate.
The next target for API3 is $ 2.45, based on the projected step of the pattern loss, which is approximately 58% higher than the current price.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
