The API3 coin’s fortune has taken a dramatic turn, with its price exhibiting a massive surge after a prolonged slump. As Upbit, South Korea’s largest crypto exchange, has listed the API3 coin, its price hit an eight-month high, surging by more than 100%.
Significantly, this sudden rebound has caught investors’ attention, with many now questioning the token’s rally and its long-term sustainability. This article delves into API3 token’s current performance, its potential trajectory, and the catalyst for this rally.
South Korea’s Upbit Lists API3 Coin
In a significant development, Upbit has listed API3 coin, the cryptocurrency associated with the API3 project, which provides decentralized data feeds to Ethereum smart contracts. Reportedly, API3 trading commenced on Upbit at 17:00 KST on August 19, with support for KRW and USDT trading pairs. As per the available data, the API3 token is priced at 1,182.44 KRW on Upbit, representing a slight discount to the broader market average price of 1,351.34 KRW.
Upbit’s official notice read,
Please ensure you check the network before depositing the digital asset. Deposits and withdrawals made through networks other than the specified network will not be supported.
In addition to Upbit, API3 is also available on other major exchanges like Binance, Coinabse, OKX, Bitget, Uniswap Labs, Gate, MEXC, and Kucoin. This increased accessibility across multiple platforms may further fuel the token’s growing popularity and trading activity.
What is API3 Coin?
For context, API3 Coin is the token linked to a decentralized oracle network that bridges the gap between dApps and real-world data. While traditional oracle solutions rely on third-party intermediaries, this network leverages first-party oracles to ensure data authenticity and minimize reliance on intermediaries.
The network also shares similarities with other solutions like Chainlink, Pyth Network, and Band Protocol, which aim to provide secure and reliable data feeds to blockchain applications.
API3 Price Hits 8-Month High
Following Upbit’s listing announcement, the API3 coin price immediately surged to a high of $1.8, marking a hike of 121.4%. Skyrocketing from a mere $8.4 to $1.86, the token hit an eight-month high, sparking investor interest.
However, after exhibiting this massive surge, the token has slightly dipped, currently trading at $1.33. The cryptocurrency is down by 13% over the past day despite its staggering surge of 68% and 58% over the past week and month, respectively.
This positive momentum is further bolstered by the $722 million trading volume, which increased over a staggering 407% over the last 24 hours. With a market cap of $124 million, the cryptocurrency is ranked 313 on CoinMarketCap.
Will the Token Sustain This Positive Momentum?
Notably, crypto analyst World Of Charts predicted a bullish resurgence of the API33 coin yesterday. In an X post, the market expert projected that the token is poised for a massive 70-75% hike in the near future. Validating the expert’s forecast, the token exhibited a historic rally, reaching notable highs.
As per the technical chart presented by the analyst, the crypto has surged past its critical resistance of $1.3. This indicates that the token is expected to sustain its bullish trend, targeting new highs.
Despite this bullish prediction, a bearish perspective on Api3’s potential trajectory also exists. Considering the historical trend of Upbit listings, where initial price surges often fade quickly, Api3 may potentially face consolidation instead of sustained growth. In February, Upbit listed tokens like JTO and ARKM, which experienced similar price trends.
As API3’s future unfolds, the cryptocurrency’s trajectory will likely be shaped by a combination of market dynamics, investor sentiment, and the ongoing development of its decentralized oracle network. With its recent surge and increased accessibility across major exchanges, API3 has certainly captured the attention of the crypto community, setting the stage for what’s to come.
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