API3: Anticipated Price Spike Coinciding with XRP20's Market Ascent

API3: Anticipated Price Spike Coinciding with XRP20’s Market Ascent

Updated: 07 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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The price surge of API3 has attracted many investors, propelling the asset to a peak of $1.53.

As of 5:12 am EST, the coin has grown substantially by 31.4% in the last 24 hours, with the price at $1.21.

Consequently, the 24-hour trading volume has witnessed a remarkable surge of 2,088%, reaching a staggering $244 million.

API3 has introduced a groundbreaking vision for decentralizing application programming interfaces (APIs), addressing a critical hurdle in the smart contract ecosystem: the demand for dependable and reliable data.

API3 Price Breaks Short-Term Bearish Trend

API3’s price has been in a prolonged consolidation stage that saw a break below it its primary support level of $0.87. This support level gave the Bulls time to regroup and break the bearish trend in the short term.

Further, the breakthrough, a signal for buyers to continue the uptrend, is supported by the double bottom pattern formed after the bears tried to push the price down to slow down the bull’s ambition.

The current peak, however, has reached a barrier leading to a retracement in price.

According to the chart above, the price might hit the critical support level at $1.22, causing a rebound that could lead to a further surge in price.

API3 Price Technical Indicators Support Bullish Momentum

API3/USD. Source: Tradingview — API3USD. Source: Tradingview

The technical indicators support a bullish momentum as the price is trading above the 50-day and 200-day moving averages.

This signals an entry opportunity for buyers, with the 50 SMA currently acting as a potential support level for the price. A rebound could occur at the 50 SMA if the critical support level is breached.

Furthermore, the relative strength index indicates a retracement at 67, which is below the overbought region.

If the price action respects the support level and rebounds, the RSI might surge above the 70-level mark.

Based on the analysis above, API3 shows potential for a rebound at the key support level, leading the price to reach its former resistance level at $2.36.

Conversely, if the retracement prevails, the bulls will be compelled to retreat at $1.04, which coincides with the 50 SMA.

The recent surge in API3’s price is aligned with the upward movement of XRP20 in the market. XRP20’s presale funding has been highly successful, attracting many investors.

For those who missed out on the API3 price surge, the XRP20 presale offers an enticing opportunity with the potential for high returns.

XRP20 – Alternative to API3

Investors should keep an eye out for XRP20, an Ethereum-based variation of XRP. The project aims to reignite the enthusiasm of the XRP army, who have witnessed the incredible heights that XRP can achieve.

Those who missed the opportunity to invest in the original XRP at its all-time low of $0.0028 can now participate in the presale of the new token at a significantly lower price of $0.000092, offering a 30-times reduction from its predecessor.

$XRP20’s token distribution plan has been meticulously crafted to ensure its long-term viability and foster active participation within the ecosystem.

The total token supply is 100 billion tokens, with a well-balanced allocation strategy. Of these tokens, 40% will be reserved for the presale, 40% for the staking pool, and the remaining portion will be allocated to DEX liquidity and burn initiatives.

Investors will be enticed by the stake-to-earn utility and deflationary mechanism embedded within the token design, which promotes token rarity. Notably, a burning rate of 0.1% applies to all buying and selling transactions in XRP20.

🚀Welcome to $XRP's evolution – $XRP20!

🔥We're stoking the embers of the #XRPArmy with a fresh ERC-20 #Token, offering #Staking utility like never before.

Missed $XRP at $0.0028? With #XRP20, you're buying in at 30x CHEAPER!

🎯#Presale is live – https://t.co/l238y01sFA pic.twitter.com/aIe2ARF73E

— XRP20 (@XRP_20) August 5, 2023