API3USDT Corrects off a Strong Support But Still Facing Downward Forces

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In the previous session, buyers were defeated by headwinds in the API3USDT market, as prices corrected towards a support level at the $1.080 price mark. However, in the following session, the tested support seemed to be very strong as prices corrected in the upside direction, off the same support level. As a result, this helped buyers recoup some of their losses.

API3 Statistics:
API3 Value Now: $1.141
API3 Market Cap: $98,039,163
API3 Circulating Supply: 86,421,978
API3 Total Supply: 125,324,588
API3 CoinMarketCap Ranking: 122

Major Price Levels:
Top: $1.141, $1.200, and $1.250
Base: $1.100, $1.050, and $1.000

API3USDT Price Action Stays Under Bearish Pressure Despite Upside Corrections

As earlier mentioned, API3‘s price had moved up, as portrayed on the crypto daily movers list. However, this only occurred after strong support was tested in the previous trading session. Nevertheless, the last price candle on the API3USDT daily market shows that headwinds are influencing this market.

Currently, this token is trading below the 9-day Smooth Moving Average SMA curve but above the 21-day SMA. Furthermore, the Moving Average Convergence Divergence (MACD) indicator curves are now above the equilibrium level. However, the bars of the indicator are now pale green and are decreasing in length. Consequently, this is an indication that downward forces are still actively engaging buyers.

API3USDT Price Action May Be Eyeing Trading Above the $1.200 Mark

Price action in the API3USDT 4-hour market seems to have found suitable support, which may aid its trading above the $1.141 mark. This can be seen as the last price candle now sitting atop the 21-day SMA line. In addition, this price candle is a bullish one, which shows that price action has corrected off the constituted support.

Additionally, the MACD indicator is now pointing out that bullish momentum is now rising, although it is still in its infancy at this point, which makes the indicator look less sensitive. Nevertheless, most of the indications from this market support the opinion that price action may break into the price region between $1.200 and $1.400.

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