API3/USD Price Action Is Retracing the Support Level at $1.2990

After price action fell below the 1.4650 price mark, buyers seem to be in a cautious mood. Consequently, this resulted in price action not rising significantly, even when buyers had the chance to raise it. As of now, it appears that buyers have also regained control of price action. So let’s look at this market to know what may occur in it.

API3 Analysis Data
API3 Value Now: $1.2830
API3 Market Cap: $108,695,773
API3 Moving Supply: 84,796,289
API3 Total Supply: 124,603,377
API3 CoinMarketCap Ranking: 195

Major Price Levels:
Top: $1.2830, $1.2930, and $1.3000
Base: $1.2800, $1.2750, and $1.2700

API3/USD Focuses on the $1.2990 Short-Term Resistance

Considering three trading sessions ago, selling pressure made price action in the API3/USD daily market poke through the support level, 1.2568. However, these seem to have triggered some buy orders, which caused a retracement towards the 1.2990 price mark. Also, it can be seen that price action seems to have crossed into the buyers’ zone on the Fibonacci Retracement tool. But on the contrary, a downward crossover seems to have appeared on the Stochastic Relative Strength Index (RSI) indicator. Nevertheless, it should be noted that the crossover is due to the downside retracement that occurred over the past two trading sessions.

API3 May Receive More Upside Thrust from Buyers

API3 Price action has crossed above the 9- and 21-day Exponential Moving Average curve (EMA). As a result, this suggests that price action may have started an uptrend at this point. Likewise, the Stochastic RSI indicator has also made a U-turn northward (towards the overbought zone). The leading line of this indicator. At this point, buyers may gather more buying confidence, and this will further advance prices into the buyers’ zone, causing them to retrace the 1.3500 mark.

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