According to CoinGecko data, API3 ‘s market cap is currently over $347 million and its price is hovering around $3.43. Additionally, it has increased by 70% in the last seven days. Since last year, API3 has seen a 91% price increase as it continues to show strength.
Technical analysis shows resistance levels in the range of $3.40 to $3.60. A weekly close above this resistance zone could push the price higher. However, the Relative Strength Index (RSI) value on the weekly time frame is 86, indicating that the market is overbought.
API3 as a Blockchain Oracle Service
API3 aims to make it easier to create and monetize large-scale decentralized APIs (dAPIs). But this becomes even more important with the spread of blockchain technology in sectors such as supply chain management and decentralized banking.
His white paper points out a critical problem with current APIs: the lack of a direct communication channel for smart contracts to receive real-time data. This gap has increased reliance on oracles, a gap that API3 aims to close.
As an oracle service, API3 enables blockchain applications to request access to off-chain and real-world data. The core of its purpose is to create decentralized APIs (dAPIs) to help blockchain-based applications integrate barrier-free with traditional web data and services.
This innovative approach addresses a significant gap in the blockchain ecosystem, encouraging the development of more complex, secure and reliable decentralized applications.
API3’s dAPIs collect data directly from first-party oracles on the native chain. This increases data reliability and eliminates the vulnerability associated with centralized points of failure, a critical aspect for the sustainable growth of decentralized ecosystems.
Koinfinans.com As we reported, Bitget recently announced that it has listed API3 in the innovation and definition zones to offer more financial opportunities to users. This development contributed to the rise of API3. Additionally, Bitget claims that this move will encourage growth across different blockchains and ecosystems.