API3/USD Bulls Finally Gain Control of the Market

From the 23rd of September to the 2nd of October, there was a significant market gridlock as the two API3/USD market forces matched with each other. Between the 25th of October and to 28th of October, the market continues to range around the $1.579429 price support level and could not break away from that level. Within very slim proximity (space apart) between support and resistance, the market swings rapidly from the buyers to the sellers repeatedly. On October 1, the market price could not go anywhere because the two market players were equally matched and neither could push the price or pull the price. In today’s analysis API3/USD market, a bullish engulfing pattern has appeared on the chart, giving a ray of hope that the market will find direction today.

 API3 Market Price Statistic:

• API3/USD price now: $1.6840000
• API3/USD market cap: $95,027,911
• API3/USD circulating supply: 56,547,601
• API3/USD total supply: 114,855,860
• API3/USD coin market ranking: #191

Key Levels

• Resistance: $ 1.724823, $1.800000, $1.900000
•  Support: $1.5000000, $1.4500000, $1.400000

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API3 Market Price Analysis: The Indicators’ Point of View

As the support and resistance of the market get closer, the bands of the Bollinger indicator compress. The expectation is that the market should enter into consolidation. However, the consolidation was soon gone as soon as it came. It made a flash appearance as the Bollinger band is now showing signs of a decisive market direction. The proximity of the upper and lower band are beginning to go farther from each other.

The MACD lines which are in the negative zone are retracing an upward measure level. They are trying to enter into the positive section as the histograms are already moving in the positive sections.

The RSI line which has been ranging sideways at the threshold of the bullish market zone has finally crossed into the bullish market zone with 52%

API3/USD 4-Hour Chart Outlook 

 Here, we can see that the bulls are very aggressive in today’s market. they took the first session, but towards the end of the session, the bears pushes the price down from the height of $1.686774 to $1.636456. 

From here, the bulls took up the market again and push the price back to its formal height. RSI line is now moving at 57%. There is still room and hope for more bullish performance in this market.

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