Moving forward, we kickstart this article by diving right into our analysis of the API3 crypto asset. In addition, we will use the technical analysis (TA) to outline the key support and resistance levels. Furthermore, we will take a closer look at the tokenomics of the API3 coin to determine whether this aspect may have an impact on the token’s price. We will also provide our speculative API3 price prediction based on this analysis. However, to help you confidently answer the question, “Is the API3 coin a good investment?” we will present the Moralis Money $API3 token page. On that page, you can conduct your own research (DYOR) for the asset and use real-time, on-chain data to support your final decision.
For those of you considering buying $API3, we will also explain where and how to buy API3 crypto in a user-friendly manner. Lastly, for those curious about the project itself, we will dedicate the second part of today’s article to clarify the nature of the API3 project and its native token as we answer the question, “What is API3?”
API3 Crypto Price Analysis – Things to Consider
The above weekly chart includes the entire API3 price action. Looking closely, you can see that the token started trading in November 2020 at approximately $1.15. As you can see, the first three weeks pushed the API3 coin to nearly $3.6, where it found resistance and turned its course. So, following that local high, the asset retraced by nearly 60%, dipping as low as $1.45 at the end of 2020. This negatively impacted every API3 price prediction at the time.
However, although finding an optimistic API3 crypto price prediction was challenging, in January 2021, the API3 started another price rally towards the upside. In three weeks, the token increased by more than 300%, reaching as high as $6.3. And while there were two noticeable corrections along the way, one of 35% and the other of 57%, $API3 eventually reached its still valid all-time high (ATH). The latter came in early April 2021 at $10.182.
As you probably remember, April 2021 marked the first top of that cycle. So, as the entire crypto market turned downwards, the API3 token also lost a lot of its value. In fact, it took the asset just 77 days to revisit its previous low at around $1.5. Following that massive 85% retrace, the $API3 tried to recover. It did reach $6.6 on two separate occasions, with a 57% pullback in between. Plus, it found new local support at around $3, from where it rallied all the way to $9.6 in the first two weeks of February 2022.
However, that 200%-plus pump didn’t have enough steam, so the $API3 price eventually tanked even below the asset’s listing price. The token marked its 2022 bottom at $0.9443 on May 9.
Technical Analysis
In the above chart, we added the most significant levels of support and resistance (blue lines). So, even if you have zero TA experience, you can see that the API3 crypto still sits near its lowest point. After the above-mentioned local bottom in May 2022, $API3 recovered to just above $3 by August of that same year. However, the asset couldn’t sustain those prices. Thus, it returned to its lowest region soon after another rejection at roughly $2.4 at the end of October 2022.
As the entire crypto market started to wake up in January 2023, so did $API3. It managed to double its value in just over a month. However, the $2.4 level rejected the asset again in March 2023. This rejection sent $API3 to its all-time low (ATL) at $0.81 by the end of August 2023.
Since then, the token recovered a bit and is currently battling with the $1.5 level.
A quick look at the RSI indicator on a weekly timeframe shows that the asset never dipped into the oversold area. Plus, the RSI is currently near the levels that previously marked several local tops.
Of course, we could use many other TA indicators; however, we do not want to overwhelm you. As such, let’s instead focus on arguably the best indicator – Money Line. You can get your hands on this indicator for free once you opt for the Moralis Money Starter or Pro plan. According to Money Line, API3 is in a bullish trend, both on the weekly and daily timeframes:
Tokenomics
- Token name: API3 Token
- Symbol/ticker: API3 or $API3
- Network: Ethereum
- Token type: ERC-20
- Smart contract address: 0x0b38210ea11411557c13457D4dA7dC6ea731B88a
- Total supply: not capped (mintable) – currently at 125 million tokens
- Token allocation at the time of the launch in 2020: see the image below
The fact that the API3 coin doesn’t have a capped supply is quite a downside. It is probably one of the reasons why it’s rather hard to find an extremely bullish API3 price prediction. After all, the otherwise rather low total supply of 125 million could spur interest in the “Where to buy the API3 crypto?” and “How to buy API3?” questions.
API3 Price Prediction: Future Forecast for the API3 Crypto
Before we share our API3 price prediction, you need to remember that throwing around future prices of crypto assets tends to be deceiving and inaccurate. After all, all cryptocurrencies are highly volatile. In fact, the only way to come up with any remotely accurate predictions, including an API3 crypto price prediction, is to focus on a short-term basis. Moreover, such an API3 price prediction must be based on the asset’s live price and real-time, on-chain metrics. You’ll learn where to access this data below.
With that said, if the crypto market, as a whole, manages to continue its upward trajectory, the above-outlined levels of significance are the most legit predictions for $API3. So, if the token doesn’t break below the $1.5 support, $2.25 is our short-term API3 price prediction.
At the top of the upcoming bull market, this crypto could break well above its previous ATH. In that case, it would enter a price discovery mode. If that would come into play, we can use the Fibonacci retracement tool to obtain a highly speculative and optimistic API3 crypto price prediction. This tool’s “4.236” extension points to $40. Do you think this API3 price prediction is possible? Only time will tell.
Is the API3 Coin a Good Investment?
Using this article, you should be able to decide whether or not you find the API3 crypto interesting. If not, you do not have to worry about API3 price prediction or questions such as “What is API3?” and “Where and how to buy API?” Instead, you can use Moralis Money‘s core feature – Token Explorer – to find the best altcoin opportunities.
However, if $API3 caught your interest, you need to research API3 like a pro without breaking a sweat using the Moralis Money $API3 token page before making an investment decision. Moreover, on that page, you can find all the links, resources, and tools to determine if/when to buy $API3.
On that page, you can also view the $API3 coin’s live price, full historical price data, and the asset’s real-time, on-chain metrics (a.k.a. alpha metrics). The latter tells you whether the token is gaining or losing on-chain momentum, which always precedes price action. Hence, if you determine that API3 is a worthy investment, you can catch the asset’s next move easily on that page.
To perform a user-friendly on-chain analysis, follow the above “$API3” link or use the interactive widget below. By using this page, you can come up with your own API3 price prediction as often as you wish:
Where and How to Buy $API3?
If you come up with your API3 crypto price prediction that you like, it’s only natural to ask, “Where to buy the API3 crypto?” Fortunately, there are many places where you can get a bag of $API3. However, if you also want the answer to the question “How to buy API3?” to be as simple as possible, then Moralis Money is the way to go.
In case you looked at the above-introduced $API3 token page carefully, you might have already noticed the instant crypto swap feature:
You can complete the buying process with these four simple steps:
- Connect your Web3 wallet
- Select a token to buy $API3 with
- Enter an amount
- Execute the swap
So, where to buy the API3 crypto? On the Moralis Money $API3 page. And how to buy API3 on that page? Simply connect your Web3 wallet, select the asset you want to swap, enter the amount, and complete the transaction. In case you need more guidance, watch the animation below or visit our step-by-step guide on how to swap ERC-20 tokens:
This also concludes the first part of today’s article, where we’ve mainly focused on the API3 price and even included our speculative API3 crypto price prediction. As such, this part may be enough to help you decide what to do about this crypto asset. However, in case you can’t yet answer the “What is API3?” question, we recommend you dive into the sections below.
What is API3? Exploring the Project and API3 Crypto
API3 is a rather unique crypto project at the intersection of blockchain technology and decentralized finance (DeFi). It went live in 2020 and has been striving to bridge the gap between traditional application programming interfaces (APIs) and smart contract platforms. According to the project’s official website, documentation, and whitepaper, it aims to achieve its goal in a trust-minimized and decentralized manner. Furthermore, this Web3 project backs its beliefs in a decentralized approach by utilizing a DAO as governance.
All in all, API3’s primary objective is to provide developers with a seamless way to access off-chain resources within smart contracts. Moreover, they strive to make this process highly secure and reliable.
Note: The following sections will help you deepen your understanding of the “What is API3?” topic. However, if you are eager to explore the ins and outs of this Web3 project yourself, make sure to visit the above-outlined website. There, you can find the project’s documentation, whitepaper, links to its socials, and more.
History of API3
According to the project’s outlets, Burak Benligiray, Saša Milić, and Heikki Vänttinen founded the API3 project with the belief that DeFi and Web3 hold immense potential to reshape the financial world. However, the project’s founders knew that in order for this to be achieved, the right blockchain infrastructure and access to real-world data were needed. And API3 sees APIs as the key part of that infrastructure.
In a blockchain context, APIs act as vital conduits through which applications can access services and data programmatically. However, traditional definitions of APIs, rooted in Web2, do not sufficiently capture their role in the decentralized world. In the realm of DeFi, APIs become not just gateways to data but also avenues for monetizing services and information.
The birth of blockchain networks also led to API connectivity problems. After all, smart contracts on blockchain platforms face limitations in accessing off-chain data, including paid APIs. The proposed solutions typically focus on granting smart contracts access to these APIs. However, API3 saw the API connectivity problem’s distinct challenges and wanted to offer a optimal solution.
The project also saw the existing “oracle solutions” fail to distinguish between the traditional oracle problem and the API connectivity problem. Consequently, API3 took a unique approach by recognizing the latter as the primary challenge to be addressed. This led to API3’s data feeds, known as “dAPIs.” And, since this “What is API3?” part wouldn’t be complete without an explanation of dAPIs, you can find it below.
API3’s dAPIs Explained
API3’s decentralized APIs, often referred to as dAPIs, are the linchpin of the project’s mission. These decentralized data feeds form a bridge between blockchain-based decentralized applications (dapps) and real-world data. Their unique sourcing sets them apart – they are generated from first-party oracles maintained by API providers who own the data.
Furthermore, dAPIs offer a standardized and user-friendly interface that simplifies the integration of off-chain data into smart contracts. Depending on the specific use case, they can function in a permissionless or authorized format.
These intelligent contracts exist on the blockchain, receiving regular updates from the first-party oracles, ensuring a steady stream of reliable data. With their standardized interface, dAPIs serve as a plug-and-play solution for developers, streamlining the incorporation of real-world data into their applications.
Essentially, API3 presents its dAPIs as a game-changer for blockchain-based applications, ushering in a new era of data accessibility that prioritizes security, transparency, and dependability. So, now you see that dAPIs define “What is API3?” in many ways.
What is the API3 Crypto?
The API3 crypto token, known as $API3 and the API3 token, is an essential component of the API3 ecosystem. It serves as the medium for facilitating the secure and decentralized interaction between smart contracts and off-chain APIs. As mentioned above, the token lives on the Ethereum network, where it follows the ERC-20 token standard. The asset’s minting transaction was executed on November 6, 2020. This transaction created 100,000,000 instances of $API3:
The API3 Token and Its Utility
The API3 token serves the following three use cases:
- Governance: API3 token holders have the power to participate in the decentralized governance of the API3 project. They can vote on high-level matters, such as staking incentives, collateralization, and grant proposals, shaping the project’s future direction.
- Staking: Token holders can stake their API3 tokens in the DAO pool to obtain direct voting privileges in the DAO. In addition to influencing project decisions, stakers receive inflationary rewards and potential future benefits.
- Collateral: Staked API3 tokens serve as collateral, offering quantifiable and trustless security guarantees for dAPI users. This collateralization helps ensure the security and reliability of the ecosystem.
API3 DAO utilizes a transparent and least-privilege governance model. It organizes teams and subDAOs to handle specific tasks. The AIP3 DAO carefully constrains the authority of these teams and subDAOs to mitigate risks. As such, progress reports and accountability measures ensure transparency in operations.
As API3 continues to evolve, the API3 token remains a key driver of its success, enabling a community-driven and decentralized approach to connecting the worlds of DeFi, Web3, and traditional APIs.
Should You Buy API3? API3 Crypto Analysis and Price Prediction – Key Takeaways
- On November 8, 2023, the price of $API3 still sits near the asset’s lowest trading region.
- The Money Line indicator is flashing the “Bullish” signal on a weekly and daily timeframe.
- Our short-term API3 price prediction points towards $2.25.
- A highly speculative, optimistic long-term API3 crypto price prediction based on the Fibonacci retracement tool points to $40.
- The API3 coin’s tokenomics indicate that additional instances of this token can be minted. This can negatively impact the asset’s price.
- To determine if/when to buy the API3 crypto, use Moralis Money’s $API token page.
- Where to buy the API3 crypto? On the Moralis Money $API3 page.
- How to buy API3? Use the crypto swapping feature on Moralis Money’s $API3 page. It makes swapping cryptocurrencies as straightforward as it gets.
- What is API3? It is a 2020 crypto project that aims to offer decentralized Web3 APIs.
If you are a developer interested in API3’s solutions, make sure to dive into the project’s documentation. However, if you are looking for the best Web3 data APIs on the market, Moralis has your back!
In addition, keep in mind that $API3 is just one of many altcoins on the market. Plus, there are new alts entering the scene on a daily basis. As such, use the power of Moralis Money and find the next coin to blow up with ease. With Moralis Money’s Token Explorer feature, you can finally become a successful crypto trader. This amazing tool will allow you to deploy the best crypto trading strategies, so you’ll finally be able to spot crypto under a penny for those 100x or even 1000x gains.
