As IMX, BEAM, and GALA Prices Explode, Will Gaming Crypto Arena Restart?
The post As IMX, BEAM, and GALA Prices Explode, Will Gaming Crypto Arena Restart? appeared first on Coinpedia Fintech News
With the BTC price sustaining above the $60K mark, the bull run in the altcoin segment is heating up. As the speculations of a bull run in Bitcoin to the $100K sparks up with Presidential elections and rate cuts, the gaming, AI, and meme cryptos are racing fast.
Amid the top-performing gaming tokens, the IMX, BEAM, and GALA signal a healthy recovery. Will a recovery run in these gaming cryptos lead to a broader segment recovery of the gaming crypto arena? Let us find out in this analysis!
Must Buy Gaming Cryptos:
ImmutableX (IMX)
With a bearish trend in the daily chart, the IMX price falls from $3.63 to the $1.00 psychological mark. However, the buyers maintain dominance over the $1.00 mark, resulting in a sideways trend.
The sideways trend and the contracting volatility lead to a symmetrical triangle pattern. Further, the bullish engulfing candle, formed with a price jump of 13.75% yesterday, challenges the overhead trendline.
Today’s intraday pullback of 2.60% leads to a minor retest and limits the breakout possibility. However, with the broader market recovery, a triangle breakout will challenge the overhead resistance of $1.66 near the 200-day EMA.
Optimistically, the bull run could continue to the $2 psychological mark or $2.5393 as the gaming cryptos recover. On the flip side, the crucial support for IMX is present at the 50-day EMA at $1.31 and the supporting trendline near the $1.25.
BEAM (BEAM)
The BEAM token shows a falling channel pattern in the daily chart. The falling channel pattern reveals a massive bearish influence over the gaming token, dropping it from $0.044 to the recent bottom at $0.010.
However, the bullish reversal from the psychological mark leads to a bullish cycle, challenging the overhead trend line. The new cycle, starting from $0.01154, recently broke the overhead trend line.
The breakout rally surpasses the 50-day EMA and accounts for a price jump of 30% over the last 11 days. With a rounding bottom reversal and a breakout rally, the BEAM token is ready for a trend reversal and is currently trading at $0.015.
With an intraday gain of 4.39% followed by the 5.45% jump last night, the gaming crypto is projecting a potential charge to the $0.020 mark. Following the psychological mark, the next resistance for the gaming token stands at $0.029 and $0.038. On the flip side, the crucial support for the gaming token is at $0.012 and $0.010.
Curious if the bull run in altcoins will pump the meme coins higher? Find out now in Coinpedia’s Dogecoin Price Prediction for 2024 and years beyond.
GALA (GALA)
Similar to the other gaming tokens, the Gala token shows a breakout rally in the daily chart. However, the falling wedge breakout rally fails to gain momentum, leading to a consolidation range under the influence of the declining 50-day EMA.
The consolidation range extends from $0.015 to $0.021. Currently, within the influence of the 50-day EMA, a bear cycle is continuing in the daily range formation.
The Gala token’s price recently broke out of a previous pattern but is now moving sideways. Hence, the underlying momentum for the Gala token reflects a weakness in bullishness.
However, the breakout of the 50-day EMA, long-coming dynamic resistance, will result in a price jump to the 200-day EMA near the $0.028 mark. Beyond this, the $0.038 psychological supply zone will be a critical resistance level deciding the upcoming trend in the gaming crypto price. On the flip side, the crucial supports are at $0.015 and $0.013.
