API3USDT Price Shoots Past a Key Technical Mark

While the API3 token stands as the second most profitable coin as of the time of writing, with a price increase of 10.39%, more interesting developments are likely to still occur in the market. Although the token’s price action has poked through a key technical level, there are indications suggesting that downward forces are still active in the market.

API3 Statistics

Current Price: $0.6809

Market Capitalization: $58.43M

Circulating Supply: 86.42M

Total Supply: 154.03M

CoinMarketCap Rank: 448

Key Price Levels

Resistance: $0.7000, $0.7500, $0.8000

Support: $0.6500, $0.6000, $0.5500

API3USDT Retreats Below the $0.7000 Mark

The ongoing session in the API3 market stands out as it posts a sharp upward rebound. It has pushed the token past the 9-day Exponential Moving Average (EMA) curve. However, there has been some contraction as the bears seem to have besieged the market around the $0.7000 price level.

This has initiated a pushback during the session. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are at a crossover, which aligns with the fact that the token’s current price stands above the 9-day EMA curve. As such, this market still has the potential to push further upward in the coming sessions.

API3 Contraction Results in a Clear Retracement

The API3USDT market on the 4-hour chart reveals that price action had earlier contracted but has now yielded to a downward retracement. The ongoing session is represented by a small red price candle, though it remains above the 9-day EMA curve.

Similarly, the SRSI lines have risen past the 80 threshold, which seems a bit too fast given the modest price increase. The terminals of the SRSI indicator have also started converging. Nevertheless, it seems this market may resume an upside correction toward the $0.7250 mark, given that price action still remains above the 9-day EMA.

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