The API3 token has shown a significant increase in recent days following its successful listing on Upbit, Korea's largest cryptocurrency exchange.
API3 Growth Following Listing
API3, the token of a decentralized oracle, surged 102% over the past seven days after securing a listing on Upbit. The token's price reached a peak of $1.69, currently settling around $1.55. This increase has been marked by a heightened interest from investors.
Market Analysis and Trading Volume
According to data, API3's daily trading volume surged by 400% over the last day. The open interest for the token has also reached an all-time high of $111.3 million, indicating strong expected trading activity. The market cap of API3 nearly doubled in a week, increasing from $100 million to $197 million.
Price Analysis and Forecast
Technical analysis shows that API3 has formed a symmetrical triangle since the beginning of the year. A breakout above the upper trendline could signal the start of a bullish trend. Currently, the price target for API3 is $2.45, which is 58% higher than its current price. However, there is a risk of correction, which requires caution.
API3 is showing strong upward trends due to its recent listing, but its further dynamics may depend on current market conditions and the absence of a correction after the initial surge.
