What's Behind the API3 Price Increase? | Credit: Veronica Cestari
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Key Takeaways
API3 increased by more than 100% after an Upbit listing.
Historically, cryptocurrencies failed to sustain their Upbit pump.
Can API3 buck the trend and break out to new highs?
API3 is a crypto project on Ethereum that delivers decentralized, trustless data feeds by linking real-world APIs directly to smart contracts, cutting out intermediaries.
It shares similarities with other oracle solutions such as Chainlink, Pyth Network, or Band Protocol.
While its price had trended downward for over three years, API3 exploded after an Upbit listing on Aug. 19.
With that in mind, let’s analyze the charts and see where this move will lead us.
API3 Upbit Listing
The API3 price has struggled for the past three years, falling consistently downward.
This all changed on Aug. 19, when the API3 price increased by 100% after a listing by Upbit.
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Besides the Upbit listing, no other positive news could catalyze the Api3 surge.
Several users have noticed the effect that Upbit listings have on the price.
An analysis of the three previous cryptocurrencies that pumped after their Upbit listing, Hyperlane (HYPER), Omni Network (OMNI), and CYBER, shows that none have broken their Upbit listing highs.
OMNI was the only one to do so roughly two weeks after the listing, but has since fallen.
CYBER (black) and HYPER (red) both created lower highs shortly after the listing and have since resumed their decline.
Nevertheless, all three trade well above the pre-listing price.
So, previous history suggests that API3 will not sustain its increase, but will consolidate in a range above its breakout level.
Let’s examine the charts and see if this will be the case.
API3 Price Analysis
The API3 price broke out from a long-term descending resistance trend line, reaching a high of $1.86, clearing the $1.25 horizontal area.
Since the trend line has existed since the start of 2024, its breakout confirms that the downward trend has ended.
Alongside the price breakout, the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) moved in positive territory, the former above 70, while the latter above 0.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
