API3 crypto is a hot, trending and solution providing web3 cryptocurrency that launched in November 2020 on the mesa DEX. API3 crypto is currently down 89% from the all time high of $9.73 set on the 19th February 2022.
At the time of writing API3 is extremely close to breaking out to the upside of a descending channel pattern. We are currently trading at a modest $1.78. Should we see a breakout to the upside, the technical target would be around $2.37.
This would result in a 36% pump to the upside should traders open a long-position here. The following resistance level would be $2.65, where we would be likely to see rejection.
Cryptoassets are a highly volatile unregulated investment product.
According to Coinmarketcap API3 cryptocurrency is ranked #303 with a market capital of $65.7 million. A market capital this low could offer investors a high-risk and high-reward opportunity. For example, it is much easier for the market capital to 10x from current levels than if it were already valued at $10b.
API3 crypto has seen two consecutive green weekly candles which reflects bullish momentum. We have also have had a considerable amount of accumulation and volume around these price levels. This could suggest investor appetite is high around these price ranges as the risk for downside continuation is minimized.
API3 Crypto Price Chart – weekly time frame
I would be very keen to see API3 crypto print a third weekly green candle. This could be the inception of an impulse to the upside and result in further bullish price momentum.
One of the most powerful attributes of API3 is how it’s aiming to solve a majority of problems that have emerged within the blockchain space itself.
Smart contracts often have difficulties accessing dependable data, however, application programming interfaces (APIs) have been marked as a solution to these difficulties.
API3’s mission is to enable decentralized versions of APIs to be developed, controlled and monetized at many levels. As we know, blockchain now has a huge impact on the economy. For example, decentralized finance (DeFi) or supply chain management. Behind the scenes, the team states this project has never been more vital for smart contracts to furnish “timely, reliable real-world data.”
With the solutions API3 can provide towards smart contract platforms I think this project could have tremendous long-term growth potential.
DeFi Coin (DEFC) – Undervalued Project
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This article was written for Business 2 Community by Jacob Bury.
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Jacob is a video content producer on the Youtube channel ‘Jacob Crypto Bury’, and a semi-professional trader.… View full profile ›
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