API3, the native token of decentralized oracle solution Api3 surged as high as 102% in the past 7 days, largely fueled by its listing on one of the largest crypto exchanges in Korea.
Summary
- API3 has soared over 100% after securing an Upbit listing.
- The token may target $2.45 next as it has broken out of a symmetrical triangle.
According to data from crypto.news, Api3 (API3) rallied to a 7-month high of $1.69 yesterday, Aug. 19, before settling at $1.55 at press time. At its current price, it remains nearly 200% higher than its year-to-date low.
API3 token rallied along with a massive jump in its daily trading volume, which rose 400% over the past day, indicating strong demand from investors. Further CoinGlass data shows its open interest has surged to an all-time high of $111.3 million, while the long/short ratio has climbed above 1, suggesting that more traders are positioning for further upside.
The token’s market cap has nearly doubled over the past week, rising from $100 million to $197 million.
API3’s strong gains follow its listing on Upbit, South Korea’s largest cryptocurrency exchange, on Aug. 19.
It is quite common for a cryptocurrency to go parabolic after a major exchange listing. In this case, the effect was evident on Upbit, which recorded the highest daily trading volume at $302.9 million, more than three times that of Binance, which followed with $93.4 million.
However, such trends often experience a pullback once the listing hype fades. As earlier reported by crypto.news OMNI, the native token of Omni Network, skyrocketed over 120% shortly after a similar listing on Upbit. However, the token lost most of its gains by a week later.
As such, API3 could face a similar risk and may continue to give up its recent gains unless a major bullish catalyst emerges.
At press time, API was down over 18% from its weekly high of $1.82 it hit on the day of its Upbit listing.
On the daily price chart, API3 has been forming a symmetrical triangle pattern since the beginning of this year. This formation occurs when price action converges between a series of lower highs and higher lows, reflecting a period of consolidation before a potential breakout.
A breakout above the upper trendline typically signals the start of a bullish trend, while a breakdown below the lower trendline often points to renewed bearish pressure.
In API3’s case, the token has confirmed a clean breakout above the upper boundary, driven by the momentum surrounding its recent Upbit listing. Technical indicators reinforce this bullish signal.
The Aroon Up is at 92.86% while the Aroon Down is at 0%, a clear confirmation that upward momentum is dominating the market. Similarly, the MACD has turned positive, with both lines trending upward and green histogram bars expanding, another indication that buyers are dominating.
The next target for API3 is $2.45, based on the projected move from the pattern breakout, which is about 58% higher than its current price.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
