API3 Token Surges Over 100% Following Upbit Listing
API3, the native token of decentralized oracle solution Api3, has experienced a remarkable surge of over 100% in the past 7 days, largely attributed to its recent listing on one of the largest cryptocurrency exchanges in Korea.
Summary:
– API3 has seen a significant spike in value after securing a listing on Upbit.
– The token has broken out of a symmetrical triangle pattern, signaling a potential target of $2.45.
According to data from crypto.news, Api3 (API3) reached a 7-month high of $1.69 on August 19 before settling at $1.55 at the time of writing. This price level represents an almost 200% increase from its year-to-date low.
The surge in API3’s price was accompanied by a substantial increase in daily trading volume, which rose by 400% in the past day, indicating strong investor demand. CoinGlass data reveals that the token’s open interest has reached an all-time high of $111.3 million, with a long/short ratio above 1, suggesting a bullish sentiment among traders.
Over the past week, API3’s market capitalization has nearly doubled, growing from $100 million to $197 million. This significant growth can be attributed to its listing on Upbit, South Korea’s largest cryptocurrency exchange, on August 19.
It is common for cryptocurrencies to experience a surge in value following a major exchange listing, as seen with API3 on Upbit. However, such trends often lead to a pullback once the initial hype subsides. Past examples, such as OMNI’s price action after a similar listing on Upbit, highlight the potential risks of such parabolic movements.
As of now, API3 is down over 18% from its weekly high of $1.82 achieved on the day of its Upbit listing. The token’s price chart shows a symmetrical triangle pattern, indicating a period of consolidation before a potential breakout.
API3 has confirmed a breakout above the upper trendline of the symmetrical triangle pattern, supported by bullish momentum from its recent exchange listing. Technical indicators, such as Aroon and MACD, suggest a strong upward trend, with a potential target of $2.45, representing a 58% increase from its current price.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. It is essential to conduct thorough research and consider all factors before making investment decisions.