Published 12 hours ago
Top 5 Game Coins To invest in Before Entering 2023: Gaming is one of the fastest-growing industries, which shows huge potential in the crypto market. However, amid the recent downfall, these gaming tokens witnessed a heavy toll and were discounted by large extended. Here is a list of cryptocurrencies that may prove a suitable entry opportunity before the bull cycle hits.
Axie Infinity(AXS)
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The Axie infinity weekly chart showed a textbook example of V-top reversal from the all-time high of $165.37. This downtrend tumbled the AXS prices by 95.96%, which currently trades at the $6.67 mark.
However, this altcoin has showcased a more steady fall over the last seven which shaped into a falling wedge pattern. In theory, this bullish pattern reflects a gradual loss of bullish momentum as prices failed to achieve a deeper downfall in the following bear cycle.
Thus, a potential bullish breakout from the pattern’s resistance trendline will project an early sign for price recovery and an entry opportunity for interested investors.
If the market sentiment improves, an ideal target for this technical setup is $25.
Gala(GALA)
Source- Tradingview
Similar to the AXS price, the GALA price action shows the formation of a falling wedge pattern in the daily time frame chart. This altcoin has been strictly following this pattern for the past seven and should respect its potential target as well.
The GALA price currently trades at $0.017 and is 97.85% down from the all-time high of $0.8367. However, amid the ongoing uncertainty in the crypto market, the coin price has shifted sideways and trying to sustain above the pattern’s lower trendline.
Furthermore, the relative strength index, which reflects the speed and magnitude of the coin’s recent price action, has drooped to the oversold region. This indicator value of 24% indicates the selling activity has overextended, and the coin is trading at a heavy discount.
Thus, the indicator suggests the buyers may soon rebound from support and eventually lead the prices higher. A bullish reversal from this support trendline may encourage buyers to surpass the overhead trendline.
Moreover, in ideal conditions, this technical step-up should raise the GALA price to the $0.09 mark.
Apecoin(APE)
Source- Tradingview
The Apecoin price currently trades at $3.62 and is 90.79% down from the all-time high of $39.40 Over the past seven months, the Apecoin price falling under the influence of a resistance trendline. During this downtrend, the prices have turned down from this trendline multiple times, indicating the traders are actively selling on rallies.
However, due to the current indecisiveness in the market, the Apecoin price has been moving sideways over the last seven days, struggling to break the $3.7 resistance. If market sentiment improves, a daily candle closing above $3.7 will accelerate the bullish momentum and surge prices to the overhead trendline.
Anyhow, a bullish breakout from the pattern’s resistance trendline will suggest the prior selling on rallies sentiment has flipped into turn y on dips. The price breakout may lead the coin to $9.16,
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.
Source: https://coingape.com/markets/top-5-game-cryptocurrencies-to-invest-in-before-entering-202/