The banking crisis, which started at the beginning of March, continues to affect the markets. This development triggered panic buying in Bitcoin (BTC) price, and the coin registered a nine-month high. BTC also rallied over the weekend, hitting $28,000. This setup, coupled with the banking crisis, could provide an excellent opportunity for marginal buyers to hoard BTC for the next step, but also for altcoins to trigger a rapid rally. Meanwhile, cryptocurrency analyst Akash Girimath pointed out that he is hopeful for three gaming coins. According to the analyst, the games category has started to recover due to the Game Developers Conference (GDC) scheduled to take place March 20-24 and is poised for more earnings.
The first game coin that the analyst drew attention to: ImmutableX (IMX), preparing for the rally
According to the analyst, the ImmutableX price action over the past ten months has created an inverted head-and-shoulder pattern. This technical formation on the three-day chart predicts a 70 percent rise to $2, obtained by measuring the distance between the highs and lows of the head and adding it to the breakout at $1.32. The analyst points to a pullback in the fair value gap stretching from $1.24 to $1.41. On the other hand, according to the analysis, if the price of ImmutableX fails to break the $1.32 barrier, it indicates that the buying pressure is gone.
Magic (MAGIC) price is bullish on the daily timeframe
On the other hand, the analyst points to MAGIC. cryptocoin.com According to data, Magic price is currently trading at $1.77 after gaining 25 percent over the past four days. This rally is likely to witness further increases in bullish momentum based on the Relative Strength Index (RSI) and oscillator (AO). The RSI on the daily timeframe has clearly flipped the 50 level after spending two weeks below it. The latest move shows the buyers are back and in control. Also, the AO indicator rebounded after three weeks below the zero line. Both of these moves indicate that buyers are accelerating, expecting further increases in MAGIC price.
On the other hand, using the trend-based Fibonacci extension tool, the next targets for MAGIC price include the 127.2 percent and 161.8 percent levels at $2.25 and $2.60, respectively, if it continues to trend higher. In total, 25 percent to 45 percent gains are likely for MAGIC token holders next week, according to the analyst. This move can only be invalidated by the break of the March 15 low of $1.35. Such a move would cause a drop lower and potentially trigger a correction to $0.982.
STEPN (GMT) signals 50 percent bullish
Finally, the STEPN price shows a variation of the Adam&Eve double bottom formation. This pattern predicts a 52 percent rise obtained by measuring the depth of the Adam structure and adding it to the $0.589 breakout point. This reveals the target of $0.906 in GMT. Also, according to the analyst, the RSI and AO indicators support the rise in GMT. The RSI has revealed a fresh bounce from the midpoint, indicating a resurgence of bullish momentum. Additionally, the AO indicator climbed above the zero line adding support to the buyers.
Traders should note that only a break above the $0.589 level will confirm the bullish move described above. If successful, market GMT holders will need to watch the $0.816 and $0.906 levels to take a profit. While the bullish outlook for STEPN price makes sense, traders should be mindful that it will drop to $0.354 on March 16. Falling this level will invalidate the bullish thesis for GMT.
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