API3 Price Analysis: Will API3 Break The Yearly High Of 2023?

• API3 is currently following a bullish trendline.
• It is presently trading at $1.15 with an intraday rise of 0.6%.
• API3 token is down by 88.78% from its all-time high.

The token at the press time is trading with a decline in the trading volume by 54.16% in the last 24 hours.

The token marked its all-time high on 7th Apr 2021 where a single token of API3 was priced at $10.31. The present market cap of the token is $99.31M. It has a circulating supply of 86.42M API3 which is 68.95% of its total supply. The 24-hour trading volume of the token is $8.27M.

Sentiment Analysis 

The value of the token has surged by 5.60% and the total market volume of the token has increased by 7.03% in the last 1 week. The total bullish sentiments dropped by 24.73% and the total social engagements also declined by 46.13%. The market’s overall sentiments indicate a negative move in the token. 

Technical Analysis (Daily- 1D) 

The token marked its yearly high of $2.3 in the month of March. From there the price started a downtrend and the price fell to the level of $0.86 from where the price took support and moved above.

Then again price got rejected from $1.17 and then once more price took support from $0.86. This time the price crossed all the resistance levels and touched a mark of $1.5. It also crossed the 200-day EMA but the price still got rejected. 

After that, the price for the 3rd time again started a downfall and again retested the support of $0.86 and started moving upward. Currently, the price is following a bullish trendline.

If the price crosses the resistance of $1.2 and gets above the 200-day EMA and the volume keeps on increasing, we can see a bullish move in the token.

Otherwise, If the token gets rejected from the resistance and also breaks below the bullish trendline with a low volume, the price may fall again to the level of $0.86.

Relative Strength Index (RSI)

The RSI line is presently moving at 59.16 points and the SMA 14 is moving at 53.39 points. The RSI is above the neutral level of 50. It shows that there is some buying activity going on in the market of the token. 

Moving Average Convergence/Divergence (MACD) 

The fast blue line moving average is moving above the red slow line moving and it is moving above the average level 0. The histogram shows a small increase in the volume. If it keeps increasing this way, the price may start rising. Suppose the volume decreases, the price will continue the bearish movement.

API3 LIVE CHART : 

Conclusion

We should wait until the price crosses above the resistance level and crosses above the 200-day EMA with a sizable volume for the bullish move in the market of the token. 

Also, If the volume declines and the price gets rejected from the resistance and breaks below the bullish trendline then we will fall again to the support level of $0.86.

Technical Levels  

Support: $0.86 And $1

Resistance: $1.2, $1.3 And $1.4

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.