The resurgence of gaming tokens coincides with the continued rally of Bitcoin and Ethereum. Bitcoin has most recently surged to an all-time high above $71,000. Ethereum has also experienced significant gains crossing the $4000 mark once again. Top altcoins like XRP, SOL, ADA, DOGE, and SHIB have joined the celebration, also reporting notable gains. Amidst this bullish trend, gaming cryptos including GALA, Floki, and Pixels, have demonstrated positive momentum throughout the week, as indicated by data from Coinmarketcap. Considering these developments, investors may be contemplating whether to buy, sell, or hold.

Lets dive into some of the GameFi tokens rallying this week.

1. Gala  (GALA)

Gala Games, a decentralized blockchain gaming platform, operates globally with 16,000 player-operated nodes, offering a fresh gaming experience. Developed by leading game creators, it seeks to transform the gaming industry through Web3 and blockchain tech, prioritizing player value. 

Today, Gala’s price stands at $0.07731, up by 6.27% in the past 24 hours. With a trading volume of $1.6 billion, a 47.58% increase, and a live market cap of $2.3 billion, it ranks 54th on CoinMarketCap. Its circulating supply is 29.3 billion GALA coins. Despite fluctuations during the week, Gala managed to rebound by 64.68% after a bearish period.

The GALA price surge is attributed to multiple factors. Gala Games partnership announcements, particularly with industry giants like Alienware and AWS for a hackathon event at GDC, demonstrate dedication to innovation in gaming, boosting Gala’s credibility. Additionally, a 102% surge in trading volume to $1.741 billion indicates heightened market activity and demand, leading to increased prices. Positive sentiment and technical indicators further bolster investor confidence. Moreover, the announcement of Last Expedition’s economic system utilizing GalaChain fuels excitement and exchangeability, contributing to GALA’s price rise.

2. FLOKI Inu (FLOKI)

FLOKI serves as a representation of community-supported digital currency within the Floki Ecosystem, inspired by Shiba Inu (SHIB) enthusiasts and honoring Elon Musk’s cherished Shiba Inu. Lately, Floki Inu has entered the NFT gaming realm with its unique game, Valhalla, providing players the opportunity to earn rewards and complete possession of FLOKI tokens acquired in-game. These tokens function as the game’s currency, enabling players to acquire various assets. 

Today,  FLOKI Inu (FLOKI) price sits at $0.000288, marking a notable 21.92% increase in the past 24 hours, with a trading volume surging by 94% to $2.15 billion. CoinMarketCap ranks it 49th, with its market cap rising by 22.5% to $2.74 billion and a circulating supply of 9.55 trillion FLOKI coins. Despite fluctuations, FLOKI witnessed an 81.70% increase in price over the week, showcasing its resilience and growing popularity.

Floki’s price surge can be attributed to a significant 190.91 billion FLOKI token burn, reducing the circulating supply and sparking investor interest. This strategic move, valued at over $47 million, resulted in a bullish run. The decrease in supply coupled with increased demand led to a sharp rise in price, with gains exceeding 50% post-announcement and over 130% weekly gains. Market analysts view this token burn as necessary for Floki’s development and stability amid the volatile crypto market. Moreover, ongoing efforts by the Floki team to enhance utility and community interaction, along with upcoming projects like the Valhalla play-to-earn metaverse game, further increased investor confidence and drive momentum in Floki’s favor.

3. Pixels (PIXEL)

Pixels (PIXEL) is an engaging web3 game hosted on the Ronin Network, offering players a captivating open-world experience centered on farming, exploration, and creativity. PIXEL serves as the native token within the Pixels ecosystem, fulfilling various roles. It acts as the primary in-game currency for transactions, facilitates the minting of NFTs, allows users to access VIP memberships and join Guilds, and enables the purchase of premium features. Additionally, PIXEL will eventually govern the community treasury, providing players with a voice in the game’s development and direction. 

Over the past day, the Ethereum token PIXEL price experienced a 13.83% growth, reaching $0.953. Its performance throughout the week has been remarkable, increasing by 80.59% Despite a substantial decrease of 36.29% in its 24-hour trading volume, which it records at $512 million. The token holds 125th position, according to CoinMarketCap, with a market capitalization of $738 million. PIXEL has a circulating supply of 771 million coins and a maximum supply of 5 billion coins.

The recent rise in Pixel price can be attributed to several key factors. Firstly, the overall enthusiasm in the crypto market, triggered by Bitcoin price reaching a new all-time high of $70,000, has led investors to explore alternative coins like PIXEL in search of potential high returns. The shift in focus to altcoins and the listing of the Pixels token on Binance, together with the growing excitement surrounding gaming-focused cryptocurrencies, has further fueled interest in the token.

Should You Buy, Sell or Hodl?

Based on the technical analysis of GALA, Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) values for different periods all indicate a Buy recommendation. However, the Relative Strength Index (RSI) suggest a Sell sentiment, while others like MACD Level indicate a Buy sentiment. Support levels are $0.02588 and $0.03454), with resistance levels at $0.04841 and R2 $0.05707. Overall, considering the mixed signals and the majority Buy recommendations from moving averages, investors may consider holding (hodl) or buying (buy) GALA tokens.

On the other hand, PIXEL technical analysis demonstrates mixed signals. The Relative Strength Index (RSI) shows a neutral stance, while the Momentum oscillator indicates a buy signal. All EMA and SMA for various periods suggest a buy recommendation. Support levels are at $0.1214 and $0.4080, with resistance levels at $0.7761 and $1.0627. Considering these indicators, while there’s a mix of buy and sell signals, the majority of moving averages suggest a positive trend, indicating potential for buying or holding onto PIXEL tokens. 

Additionally, FLOKI’s technical analysis shows that EMA and SMA indicate a Buy recommendation. While Momentum and the Commodity Channel Index (CCI), suggest a Sell sentiment, MACD Level indicates a Buy sentiment. Support levels for FLOKI price are at 0.00014192 and 0.00016490, while Resistance levels at 0.00019270 and 0.00029164.  Considering these indicators, investors may consider holding (hodl) or buying (buy) FLOKI tokens. 

However, it’s essential to conduct further analysis, consider other factors such as market sentiment and fundamental analysis, and employ proper risk management strategies before making any investment decisions.

The post Gaming Cryptos Rallying this week : Buy Sell Or HODL appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am