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Currently, users from over 180 nations are active on Roblox - 2
The metaverse game does not have a native token like MANA or SAND
The gaming market witnessed positive momentum in a majority of stocks yesterday. The industry is among the biggest sectors globally, with the latest tech advancements fueling their potential growth to a greater extent. The metaverse trend has caught the attention of top guns seeking either promotion or adopting the technology to deliver users more immersive experiences. Shares of Roblox (NYSE: RBLX), a metaverse gaming company, saw an uprising in yesterday’s market.
Company’s Emphasis On an Economic System
RBLX Stock was changing hands at $43.19, up by over 4% in the past 24 hours. Tech giants like Google (NASDAQ: GOOG), Microsoft (NASDAQ: MSFT), and more have been making decent moves concerning the integration of artificial intelligence (AI) on their platforms for quite some time now. Roblox announced in February 2023 that they too may use generative AI on their platform.
The company envisions all of its users becoming a creator on the platform. Generative AI will enable intuitive and natural creation via text-to-object generators as it can increase creator productivity. Moreover, they believe the AI community holds the potential to become creators on Roblox, this may result in a positive impact on user engagement. Currently, there are almost 60 Million daily active users on the network.
Additionally, the metaverse platform stressed an economic system to encourage creation. Roblox has its native in-game currency, which cannot be used outside the game, unlike native tokens of play-to-earn games like Decentraland and The Sandbox.
RBLX Stock Price Action
The company shares have been climbing for the past couple of days, have delivered a growth in share value by over 10%. Chart shows three regression trends one of which shows a price breakthrough in October 2022. The stock shrank following a poor earnings report in November, leading the price to a low of around $25 in the next month.
Williams alligator had a mouth-open uptrend starting January 2023, taking up the next couple of months. The alligator appears to be satisfied during the first week of March but has awakened again. Moving Average Convergence Divergence (MACD) began climbing from the beginning of the year but the momentum started fading during mid-January. Currently, it’s a tug of war between buyers and sellers.
Furthermore, the Average True Range (ATR) was rising, indicating more volatility in coming days. However, the indicator is still exploring lower grounds, making it less likely for extreme fluctuations to appear in price. RBLX stock has entered the 0.318 golden fib level and highlights a resistance zone at around $46 and a support at $41.
Moreover RBLX stock has broken the $38 threshold which The Coin Republic speculated in January 2023.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/15/rblx-stock-analysis-the-alligator-awakens-eyeing-a-steady-surge/