The cryptocurrency market has seen a resurgence in buying interest this week, with Bitcoin reaching a new all-time high of $70,000 and entering price discovery mode. Along with this, GameFi tokens have emerged as one of the top-performing sectors, with assets such as GALA, AXS, SAND, MANA, and RON showing double-digit gains over the weekend. The overall market capitalization for these gaming tokens stands at $37 billion, with a 7.2% intraday gain and a 47% jump in trading volume.
1) Gala Games (GALA):
Gala Games (GALA) is a blockchain gaming platform that utilizes web-3 technology to enhance the user gaming experience. By creating a decentralized gaming ecosystem, the platform gives players greater control over their in-game adventures, allowing them to earn cryptocurrencies, participate in game development, and receive rewards in the form of non-fungible tokens (NFTs). The token’s value has seen a parabolic growth from $0.02 in early February to its current price of $0.07, with a market cap of $2.06 billion and a 24-hour trading volume of $1.21 billion. With sustained buying, the GALA price is expected to break through the overhead resistance of $0.072 and potentially reach resistance levels at $0.091 and $0.112.
2) Axie Infinity (AXS):
Axie Infinity (AXS) is a leading Web 3 gaming platform that introduced the play-to-earn model to the mainstream. The platform supports trading and battling games, allowing players to earn cryptocurrency rewards for their gameplay achievements and contributions to the ecosystem. The token’s value has shown steady and gradual growth since October 2020, with a 220% rally from $4 to $12.87. The current market cap stands at $1.78 billion, and a notable green candle with a 4% intraday surge and a trading volume of $625 million suggests a bullish sentiment. With sustained buying, the AXS price is expected to break through the pattern’s neckline resistance at $13.9 and potentially reach a target of $23.5.
3) Sandbox (SAND):
The Sandbox (SAND) is a decentralized virtual world that leverages blockchain technology to enable users to create, build, buy, and sell digital assets within the game. By combining DAOs and NFTs, it offers a collaborative and immersive platform for players to gain ownership of in-game items and land through the SAND token. The token’s value has breached the neckline resistance of an inverted head and shoulder pattern, resulting in a 25.6% rally to its current price of $0.79 and a monthly gain of 76%. The current market cap stands at $1.75 billion, with a trading volume of $624 million. If the pattern holds true, the SAND price is expected to reach a theoretical target of $1.03, with an interim target of $0.94.
Takeaway:
The recent resurgence in the cryptocurrency market, along with Bitcoin’s all-time high, has led to a significant recovery trend. GameFi tokens, in particular, have seen a massive inflow of capital over the weekend, providing new entry opportunities for potential traders.
