API3 Token Bearish Momentum Amid Major Partnership: Here is Why its Price Could Dip Even Further

The price of API3, the native token underpinning the API3 decentralized Oracle network, has declined over 3% in the last 24 hours. At the time of this writing, API3 was trading at $3.97 based on data from CoinMarketCap.

This dip comes despite API3’s announcements of new partnerships aimed at expanding its platform. API3 welcomed crypto data aggregator CoinGecko into its ecosystem of decentralized data feeds dubbed APIs. In an enthusiastic tweet, API3 described CoinGecko as “one of the most reliable & comprehensive cryptocurrency data providers for traders & developers.”

Integrating CoinGecko opens up the possibility for its extensive datasets across over 12,000 cryptocurrencies and 900-plus exchanges to flow directly into decentralized applications through API3’s Airnode infrastructure. Airnode represents the cornerstone of API3’s next-generation Oracle network allowing serverless and secure API connectivity without third-party dependencies.

Technical Analysis: A Closer Look at the Price Trend

Analysis of the daily price chart on TradigView reveals API3’s downward trajectory persisting after a period of consolidation. The token currently hovers precariously around the $3.974 level with the last candlestick printing red, signaling a potential continuation of the selloff.

Momentum indicators also flash warning signs of a strengthening bearish bias. The relative strength index has turned downwards at 57.30, reflecting waning bullish momentum. Furthermore, a negative crossover taking shape in the moving average convergence divergence points to substantial additional downside room.

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The collaborations align with API3’s open-source approach to oracles aimed at advancing a decentralized web. However, price action often fails to immediately react to fundamental project developments in the volatile crypto markets. For now, API3 appears prone to short-term selling pressure as investors weigh news of the CoinGecko integration.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

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