The api3 price prediction comes off the 1-hour chart and will outline potential price harvest points for the bulls and bears, depending on where the price activity goes.
As has been the case with every altcoin analyzed today, the 75bps rate hike by the Fed sent the api3/USDT pair sharply higher. The 29% gain seen on the pair has been slightly offset by today’s 10.5% drop, with the 1.299 support serving to halt the slide which would have wiped off those gains.
Bearish api3 price predictions have entered the fray following the relentless selloff which kicked off in April. Since the token’s February 2021 peak at $9.762, it has shed 85.67% in price. Believe it or not, this is better than most altcoins have fared. A recent poll showed that 95.5% of all altcoins in the market had lost more than 92% of their value.
Now that the dust is settling and the picture of the market following the Fed action is getting clearer, day traders can fashion out trade strategies to take them to the harvest points defined by the support/resistance levels.
The ascending trendline provides support to the price action. The 50% Fibonacci retracement level that extends from the swing low of 15 June to the 16 June swing high marks the recent support for the uptick, with the ascending trendline providing extra support. A break of the 1.405 price level opens the door towards 1.478, with additional northbound targets at 1.594 and 1.674. The attainment of these other targets relies on the bulls taking out the return line of the large descending channel.
On the flip side, the immediate support level at 1.299 becomes available if the bears reject the advance attempt at 1.405 and break down the trendline. Attainment of the 1.212 support target is consequent upon the breakdown of the 1.299 support. 1.100 forms a potential pitstop if the price action goes further south, leaving 1.041 as the next target to the south.
This post was last modified on Jun 16, 2022, 17:46 BST 17:46