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1/ I did a bear case for $LINK (see thread) about a month ago, and as predicted a.) $LINK underperformed the broader market, and b.) $SUSHI, my pick to outperform $LINK on a percentage basis, has absolutely destroyed it.
Now lets look at #API3 ... https://twitter.com/rutavah/status/1347716202051858435
Now lets look at #API3 ... https://twitter.com/rutavah/status/1347716202051858435
2/ #API3 addresses all the issues I have with $LINK. Whereas $LINK requires big entities to buy into the token and accept a middleman to handle their data, #API3 allows data providers to manage their own nodes. Between the two frameworks, #API3 looks far more likely to succeed..
3/ #API3 has only 20 mil circulating supply, does $20 mil+ in daily volume, and isn’t yet on a major exchange. Binance hasn’t listed it due to the wishes of the $LINK cartel, but that’ll change..
4/ #API3 is financially backed by the same entity that runs #Coinbase so a listing there is all but guaranteed on a reasonable horizon..
5/ I’m not a chartist, however I’ve noticed structural similarities between #API3 and $SNX. From late summer into autumn, $SNX ran hard, pulled back hard, capitulated, ranged, and took off..
6/ Now take a look at #API3. The formation has occurred over a much shorter timeframe and is less volatile, but has the same basic overlay: big run up, pullback with some chop, and what appears at the moment to be the start of a small capitulation.
7/ Big “if” here, but if #API3 follows $SNX we might see a pullback below $4, which is bought back up pretty quickly. From there a bit of range/chop, and then a breakout.
8/ If #API3 hangs below $4 for more than a day or so the short term thesis is invalidated. A break of structure in this case would almost certainly unfold along with a larger market downturn, which to be frank is looking more and more possible as macro breaks down..
9/ Short term pain in this area would not impact mid- and LT-fundamentals for #API3, all of which look good. Solid backers, solid product that addresses major shortcomings with the incumbent. Without a black swan or a larger market selloff it’s hard to find a bear case for #API3.
