Crypto Price Analysis: The cryptocurrency market witnessed a renewed buying interest this week as the leading digital asset Bitcoin entered price discovery mode. On Friday, the BTC price hit the much-awaited psychological level of $70000, which is the current all-time high.
Amid this recovery trend, the GameFi tokens emerged as outperforming sectors, projecting double-digital gains in assets like GALA, AXS, SAND, MANA, and RON on the Weekend. By the press time, the Top Gaming tokens by market capitalization stood at $37 Billion with an intraday gain of 7.2%, while the trading volume hit $9.2 Billion to witness a 47% jump.
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Also Read: Bitcoin (BTC) Bulls and Bears In Tight Fight, Altcoins to Lead Next Rally?
1)Gala Games (GALA)
Gala Games (GALA) is a blockchain gaming platform that aims to revolutionize the user gaming experience using web-3 technology. By creating a decentralized gaming ecosystem, the platform provides its users better control over their in-game adventures. These players can earn cryptocurrencies, participate in the governance of game development, and gain rewards as non-fungible tokens (NFTs).
Looking at the recent GALA price chart, a parabolic growth from $0.02 in early February has uplifted the token value by 243% to currently trade at $0.07. The recovery has propelled GALA’s market cap to $2.06 Billion, while the 24-hours trading volume stands at $1.21.
With the increasing trading volume stating sustained recovery, the GALA price is posed to break the overhead resistance of $0.072. This breakout will bolster buyers to chase potential resistance at $0.091, followed by $0.112.
Also Read: Crypto Price Prediction As GameFi Tokens Go Ballistic: Tech Savvy Investors Eye SAND, MANA, GALA
2) Axie Infinity (AXS)
Axie Infinity (AXS) is a pioneer Web 3 gaming platform, introducing the play-to-earn model to the mainstream. The blockchain supports trading and battling games that allow players to earn cryptocurrency rewards for gameplay achievements and contributions to the ecosystem. Axie Infinity offers a vibrant ecosystem where players can gather, breed, nurture, compete, and exchange token-based beings called Axies.
AXS, the native token of the Axie Infinity platform, has showcased steady and gradual growth since October 2023, under the influence of a rounding bottom pattern. Within five months, the token value surged from $4 to $ 12.87, registering a 220% rally, while the current market cap stands at $1.78.
A notable green candle with a 4% intraday surge accompanied by $625 million trading volume accentuates the bullish sentiment intact. With sustained buying, the Axie Infinity price aims to breach the pattern’s neckline resistance of $13.9 and chase the $23.5 potential target.
3)Sandbox (SAND)
The Sandbox (SAND) is a decentralized virtual world that leverages blockchain technology to empower users to create, build, buy, and sell digital assets in the form of a game. By combining the powers of DAOs and NFTs, it creates a collaborative and immersive platform where players can gain ownership of in-game items and land through the SAND token.
An analysis of the daily time frame chart shows the SAND price breached the neckline resistance of the inverted head and shoulder pattern on March 1st. The post-breakout rally surged the altcoin 25.6% to current trading at $0.79, and a monthly gain of 76%.
The current market cap of Sandbox(SAND) stands at $1.75 Billion, while the 24-hour trading volume is wavering at $624 Million. If the pattern holds true, the Sandbox price rally should chase a theoretical target of $1.03, while facing an in-between target of $0.94.
Takeaway
The resurgence in the cryptocurrency market, particularly with Bitcoin reaching a new all-time high of $70,000, has sparked a notable recovery trend across the board. Significantly, GameFi tokens have witnessed massive inflow over the weekend, providing new entry opportunities to potential traders.
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- About author
- Disclaimer
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
