Metacade price has started to turn around the corner after hitting a low of $0.01592 in June this year. MCADE rose to a high of $0.028 on Thursday, the highest level since May 10. This was approximately 65% more than the lowest level this year.
There are numerous bullish catalysts for MCADE. Broadly, the biggest catalyst is the decision by the House of Representatives to pass a bill to increase the debt ceiling. This will put a cap on US spending and enforce fiscal measures to reduce the deficit. Economists have suggested that if the US did not pass this bill by June 5, it would have defaulted, resulting in a dramatic drop in all assets, including cryptocurrencies like Metacade and Bitcoin.
On the internal side, Metacade has been bolstered by several important catalysts. To begin with, the developers are planning to launch the lite version of the game soon. This will give people their first look at the product. Additionally, Metacade will launch the Metaseries on Thursday. This will be a video series where developers talk about the product and what they are working on. Such a series is essential for providing people with information about the product. Moreover, the fifth award of the $125k competition was recently presented to Joaquin Solari, who won $12.5k. These competitions help to increase the traction of the project.
The number of Metacade holders, according to Etherscan data, has risen to over 9,250 and is expected to reach 10k soon. This is a remarkable accomplishment given that Metacade is a relatively new project. The developers are seeking to revolutionize the blockchain industry by creating a game that people will want to play. The play-to-earn game is being developed in collaboration with Metastudio, one of the top developers.
I believe that Metacade is a good investment, depending on the quality of the game the developers release. If it is as good as anticipated, the token is likely to keep rising.
The chart above shows that the MCADE price has been in a strong bullish trend in the past few days. It has managed to move above the key resistance point at $0.024, the highest point on May 17th, and is being supported by the 50-period moving average. It is likely that a break and retest pattern will form, where the price drops to $0.024. This is usually a bullish sign and, thus, I predict that MCADE will bounce back to $0.030 in the near future.
