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<p>The price of API3 has seen a significant 91% surge today, with the current price reaching $3.0. According to <a href="https://twitter.com/sell9000/status/1748530793092206891?t=s8n3u3KaBd2Q1FdonB6yAA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Sell When Over | 9000.sei (@sell9000),</a> there are several factors contributing to this price pump.</p>
<p><strong>Extreme Negative Funding Rate </strong><br>One major reason cited is an extreme negative funding rate for API3, similar to what was seen previously with UMA. As Sell9000 explains, “Extreme negative funding rate atm, just like $UMA.” This makes holding long positions expensive and incentivizes buyers to push the price up.</p>
<p><strong>Market Maker Incentives </strong><br>Additionally, DWF has issued a $1.5 million market making loan to incentivize pumping the price up to profitable levels. As Sell9000 states, “DWF issued a $1.5M market making loan w/option to buy the tokens between $2.75 &amp; $4.25 at end of term Which means they need to pump this to be profitable.”</p>
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<p><strong>Overcoming Technical Resistance</strong><br>From a technical analysis perspective<a href="https://twitter.com/matthughes13/status/1748549040902455521?t=lPE12RmxPc2eDsd0hfq9SA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">, the Great Mattsby (@matthughes13</a>) notes API3 broke through previous resistance around $2.50 (white circle) and hit new resistance around $3.20 (yellow circle). This has allowed the price to surge 45% already in a giant daily candle.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="429" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-1024x429.png" alt="" class="wp-image-425588" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-1024x429.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-300x126.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-766x321.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-1536x643.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-2048x858.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-358x150.png 358w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-100x42.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-836x350.png 836w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615-788x330.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-615.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>However, when asked if $4 is achievable in the next few hours, Mattsby suggests there will be difficulty overcoming resistance at the $3.20 level marked by the orange horizontal line.</p>
<p>So in summary, while the pumping price of API3 has already seen impressive gains due to negative funding rates and market maker incentives, technical factors may make rallying further to $4 a challenge in the short term. Yet the remarkable 91% daily surge shows there is substantial momentum propelling this asset upwards.</p>
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<p>The post <a href="https://captainaltcoin.com/why-has-api3-pumped-90-today-can-price-reach-4/" rel="noopener noreferrer nofollow">Why Has API3 Pumped +90% Today? Can Price Reach $4?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Has API3 Pumped +90% Today? Can Price Reach $4?

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