Bittime -The crypto market is being enlivened by the rising prices of GameFi tokens (crypto used in blockchain games). This increase follows the positive trend of Bitcoin and Ethereum.
Bitcoin has just set an all-time high above IDR 1,100,403,228.60, while Ethereum has again penetrated the IDR mark. 62,089,421.
Also read : What is GameFi?
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Top altcoins such as XRP, SOL, ADA, DOGE, and SHIB also rose in price. This bullish trend is also playing out in the crypto gaming sector, with tokens such as GALA, FLOKI, and PIXEL leading the week's gains, according to Coinmarketcap data.
Investors are wondering, is now the right time to buy, sell or hold these tokens? Let's take a deeper look at some of the hottest GameFi tokens right now.
1. Arena Game Gala (GALA).
Gala Games is a decentralized blockchain gaming platform operating globally with over 16,000 player-managed nodes. Gala offers an innovative gaming experience developed by gaming industry veterans.
Their mission is to revolutionize the world of gaming by leveraging Web3 and blockchain technology, while keeping player satisfaction top of mind.
GALA Token Movement
Currently, the price of GALA is at Rp. 1,241.7884 , up 6.27% in the last 24 hours. Its trading volume reached $1.6 billion (up 47.58%) and its market capitalization reached $2.3 billion, ranking it 54th on CoinMarketCap.
Although the price of GALA fluctuated throughout the week, GALA managed to rebound (rise again) by 64.68% after a period of falling prices.
There are several factors that drive the increase in GALA prices.
- Firstly , the announcement of partnerships with industry giants like Alienware and AWS for hackathon events at GDC shows Gala Games' dedication to continuing to innovate in gaming, thereby increasing their credibility.
- Second , a 102% increase in trading volume to $1.741 billion indicates increased market activity and investor demand, leading to an increase in prices. Positive market sentiment and strong technical indicators further increase investor confidence in GALA.
Lastly, the announcement of Last Expedition's economic system using GalaChain sparked excitement and interest in GALA.
Also Read How To Buy Crypto:
2. FLOKI Inu (FLOKI) Goes Fast
Inspired by the Shiba Inu phenomenon and in honor of Elon Musk's pet dog, FLOKI functions as a community-based digital asset within the Floki Ecosystem.
Recently, Floki Inu entered the world of NFT gaming with their unique game, Valhalla.
This game allows players to earn rewards and own full FLOKI tokens earned in the game.
These tokens function as in-game currency, allowing players to purchase various assets.
Currently, FLOKI Inu (FLOKI) price is at $ 0.00026848 , down -4,712% in the last 24 hours. Its trading volume rose 94% to $2.15 billion.
FLOKI Rating on CoinaMarketCap
CoinMarketCap ranked FLOKI 49th, with a market capitalization that rose 22.5% to $2.74 billion. Despite the fluctuations, FLOKI saw its price increase by 81.70% during the week, showing its resilience and rising popularity.
FLOKI Token Burn
The recent FLOKI price movement can be attributed to the burning of a large amount of FLOKI tokens (190.91 billion). This strategic step reduces the number of tokens in circulation, thereby attracting investor interest.
This burn of over $47 million worth of tokens triggered a sharp price increase. A decrease in the number of tokens in circulation coupled with an increase in demand led to a significant price increase, with gains exceeding 50% after the announcement and over 130% weekly increases.
FLOKI Community and Future Plans
Market analysts see this token burn as an important step for Floki's development and stability amidst the volatile crypto market. Additionally, ongoing efforts by the Floki team to increase token usability and encourage community interaction, along with upcoming projects such as the metaverse play-to-earn game Valhalla, further increases investor confidence and momentum for FLOKI.
3. Pixels (PIXEL) - Captivating Opportunities
Pixels (PIXEL) is an interesting web3 game built on the Ronin Network. This open world experience immerses players in a world of farming, exploration and creativity. PIXEL serves as the native token in the Pixels ecosystem, fulfilling a variety of functions. It acts as the primary in-game currency for transactions, facilitates the creation of NFTs, gives users access to VIP and guild memberships, and allows them to purchase premium features.
Going forward, PIXEL will also play a role in managing the community treasury, empowering players to determine the direction and development of the game.
Over the past day, the Ethereum token PIXEL has seen growth of 13.83%, reaching $0.953.
Its performance throughout this week was very impressive, with a gain of 80.59%. Despite a 36.29% drop in its 24-hour trading volume, which currently stands at $512 million, PIXEL remains in position.
PIXEL Rating on CoinMarketCap
CoinMarketCap ranked it 125th, with a market capitalization of $738 million. PIXEL has a circulating supply of 771 million coins with a maximum supply capped at 5 billion coins.
So, Should You Buy, Sell, or Hold This Gaming Crypto?
While the future looks bright for gaming tokens like GALA, FLOKI, and PIXEL, making investment decisions requires careful consideration. GALA technical analysis shows mixed signals, with the Exponential Moving Average (EMA) and Simple Moving Average (SMA) suggesting buying on different timeframes.
GALA Buy or Hold
The Relative Strength Index (RSI) indicator tends towards selling, while other indicators such as MACD Levels point towards buying.
With support levels at $0.02588 and $0.03454, and resistance levels at $0.04841 and $0.05707, the overall picture for GALA presents a mix of positive and negative signals.
Given that the majority of moving averages recommend buying, investors may consider holding (hodling) or purchasing (purchase) GALA tokens, however further research and analysis is essential before making a final decision.
FLOKI and PIXEL Recommendation
Similar complexities also occur with PIXEL and FLOKI. Although some technical indicators for PIXEL support buying, the overall picture is still mixed. FLOKI analysis also reveals a combination of buy and sell signals.
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Conclusion
Ultimately, the decision to buy, sell, or hold depends on your individual risk tolerance and investment goals. Remember, conducting thorough research combining technical and fundamental analysis is essential before investing in any crypto asset.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also
What is Gala (GALA)? Blockchain for Community-Focused Games
Floki Inu (FLOKI) Price Soars 300% in a Week: What's the Cause?
What is Pixels (PIXEL) Token? This is what you need to know!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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