The API3 token, aimed at addressing smart contract issues by providing secure and reliable access to real-world data, has risen by 70% over the last week. The market capitalization of API3 currently exceeds $347 million, with its price hovering around $3.43, representing a 70% increase over the past seven days. Since last year, the price of API3 has increased by 91%, continuing to demonstrate strength.

Technical analysis shows resistance levels ranging from $3.40 to $3.60. Closing the week above this resistance zone could lead to a price increase. However, the Relative Strength Index (RSI) on the weekly timeframe is at 86, indicating an overbought market.

As an oracle service, API3 allows blockchain applications to request access to external and real-world data. Its goal is to create decentralized APIs (dAPIs) that help blockchain-based applications seamlessly integrate with conventional web data and services. This innovative approach bridges a significant gap in the blockchain ecosystem, facilitating the development of more complex, secure, and reliable decentralized applications.

API3's dAPIs aggregate data directly from third-party oracles in their own chain. This enhances data reliability and eliminates vulnerabilities associated with centralized points of failure, a critical aspect for the sustainable growth of decentralized ecosystems.

Bitget recently included API3 in its innovation and DeFi zones to provide users with more financial opportunities. Bitget asserts that this development will contribute to the growth of various blockchains and ecosystems.