A Challenging New Year for the RBLX Bulls

Roblox recently went public, with a market cap of £38 Billion, indicating growing popularity and user base among crypto enthusiasts.

Meta views its VR metaverse as a social and business collaboration platform, while Niantic focuses on augmented reality, and NVidia on metaverse hardware production. In case with Roblox, it has seen incredible growth, with around 9.5 Million developers creating user-generated games and virtual experiences.

The primary focus of Roblox is to create an immersive virtual world within the existing gaming platform and technology. Interestingly, the company does not prioritize investing in AR and VR technologies in its vision of the metaverse.

How Robolox is Connected with Metaverse

Roblox is an early metaverse where users can explore and interact with each other in three-dimensional worlds. Users have the freedom to create and customize their virtual avatars for navigating the platform.

Users can discover interesting similarities between Roblox and the metaverse’s design by exploring the detailed guides on the Roblox metaverse. Roblox is essentially a global game that immerses users into its world with various interactive elements such as creating and participating in experiences as virtual avatars. 

The world of Roblox enables users to be whoever they want or engage in any activity they choose. The versatility of Roblox, combined with its emphasis on creating experiences, solidifies its position as a metaverse.

Roblox, Once a Key Player in the Metaverse Realm, Faces a Challenging 2024

In an interview with Fortune, Sahil Alvi expressed concerns over Roblox’s shares, which have not reached the IPO price achieved in Q1 2021.

Alvi’s Neuron Partners has not disclosed its stake in Roblox. Still, Alvi has suggested taking the company private in an open letter, citing challenges and the lack of a clear path to profitability.

Roblox has yet to respond publicly to Alvi’s letter. Alvi believes that the company’s management team needs to focus on becoming profitable before the company finds itself in financial trouble, as it currently has only $2.1 Billion in liquidity.

According to Google Finance, RBLX is currently trading at $46.4. Although the shares are up by 66% year-to-date, they are still far from the all-time high of November 2021 and the IPO price of $70.

RBLX Coin is in a Sideways Trend

At press time, the RBLX price is trading at the level of $40.67. The resistance level of $46.18 is close to the bulls. However, the RBLX price is within the range of 150-Day and the 50-Day EMAs which are at $37.9 and $40.22 respectively. The price is expected to shoot up to the resistance level soon. 

Summary

Roblox recently went public with a market cap of £38 Billion, indicating its popularity with crypto enthusiasts. RBLX coin is trading at $40.67 and may reach the resistance level soon.

Technical Levels

• Support Levels: $37.5 and $32.3.
• Resistance Levels: $46.1 and $52.2

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.