API3, a decentralized oracle network, is attracting attention in the blockchain space by enhancing access to real-world data. Over the past week, the API3 token has risen over 90%, indicating a growing interest from cryptocurrency enthusiasts.
Funding Changes
Recent evaluations have shown a significant shift in funding for API3, which turned significantly negative over the past 24 hours. From August 19th to 20th, the rate fell from -0.47% to -1.10%, indicating that many traders expect a price drop and have opened short positions. Despite this bearish sentiment, API3's price did not experience a sharp decline, showing resilience in the market.
Liquidity and Market Interest
Despite some price fluctuations, the API3 token continues to attract buyers. The Chaikin Money Flow (CMF) indicator has risen from 0.04 to 0.10, suggesting a steady inflow of capital. API3 balances in exchanges saw a reduction of 30.5% over the past week, while the top 100 holders increased their positions by 25.98%.
Potentials and Predictions
A positive trend is evident in API3’s 4-hour price chart. Support around the 0.236 Fibonacci level, near $1.49, has been identified, indicating a buyer-friendly market atmosphere. If buying strength persists, traders might consider closing short positions, potentially driving further price increments.
The ongoing buyer activity and positive indicators make API3 a focal point within the crypto market. The upcoming period will be crucial in determining whether these trends persist amidst market volatility.
