API3/USDT Remains Pressured

Even though the API3/USDT daily market has posted a gain of more than 13% today, it generally still appears subdued. This token ranked second on today’s top daily crypto movers list. While the market remains below critical levels, let’s examine what may come next.

API3 Statistics

Current Price: $0.726

Market Capitalization: $63.21M

Circulating Supply: 86.42M

Total Supply: 148.14M

CoinMarketCap Rank: 456

Key Price Levels

Resistance: $0.750, $0.800, $0.850

Support: $0.700, $0.650, $0.600

API3/USDT Records a Minimal Upward Rebound

As mentioned earlier, the API3/USDT daily chart has seen a price increase of 13.51%. However, this is just enough to keep the token’s price slightly above the lower band of the Bollinger Bands indicator. Meanwhile, the Bollinger Bands themselves appear to be contracting, which suggests a potential buildup in bullish momentum.

Nevertheless, the token continues to trade below the middle band of the Bollinger Bands. The Moving Average Convergence Divergence (MACD) lines have formed a bearish crossover below the equilibrium level. Consequently, this weakens bullish expectations and suggests the possibility of continued downward retracement.

 

API3 Shows a Short-Term Upside Target

In the API3/USDT 4-hour chart, price activity has continued to rise toward the middle band of the Bollinger Bands. However, prices remain below this middle band. Observing the last two candlesticks on the chart reveals that momentum in this market seems to be strengthening.

Additionally, the MACD lines are still below the equilibrium level but are approaching a bullish crossover. Technically, this suggests that the market may advance toward the $0.750 or $0.800 resistance levels.

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