Over the past year, the Web3 gaming industry has seen a huge surge in the hands of investors and venture capitalists. The rise of Non-Fungible Tokens (NFT) and Metaverse has further fueled this interest, which is expected to continue into 2023, provided investors are able to overcome some of the biggest hurdles. In this context, analysts Aaryamann Shrivastava and Elena R selected 6 Web3 altcoin projects with bull potential.
Where are the web3 games and what’s next?
cryptocoin.comAs you can follow, the Web3 game industry has attracted great interest in the hands of venture capitalists who have invested approximately 4.5 billion dollars in such projects. Funding for game projects last year exceeded investments in 2021 by over 48%. Most of this was for Web3 games, which accounted for 62% of Web3 investments. The interest in Web3 game projects has not decreased this year as the focus on the sector continues. Most recently, investment firm DWF Labs has invested $16 million in Web3 company RACA. The company plans to use this fund to expand further and become a Web3 gaming ecosystem.
Similarly, Paima Studios, the Web3 game engine integrated with Cardano, allows users to play on-chain games with other networks. This feature enables cross-chain gaming for the DeFi Blockchain, allowing users of other networks to play a Cardano-based game without the need to bridge ADA or other tokens.
However, while the Web3 gaming industry has the support of financiers, it also needs to build a base with its users. A user survey conducted in 2022 indicated that only 3% of gamers own NFTs, with around 52% of users surveyed unaware of Web3 gaming terms. It was also noted that only 15% of those surveyed were genuinely interested in Web3 games. However, this situation is expected to change in the next quarter. Because the increase in the price of game tokens may draw the attention of investors to gaming altcoin projects. As last week, trading of game tokens increased by 22% and volumes increased to $1.5 billion.
Big breakout altcoin projects
Axie Infinity (AXS)
AXS, the native token of Axie Infinity, one of the biggest gaming projects, is expected to see its price increase by over 48% in 2023 as the altcoin project’s transaction volume increases. The altcoin will need to see some bullish support to surpass the critical resistance (CR) located at the confluence of the 200-day Exponential Moving Average (EMA) at $11.55. Breaking this barrier will push AXS towards the 2023 high of $12.59.
However, if the cryptocurrency fails to find buying pressure and falls below the critical support (CS) of $7.95, the gaming token could slide back to its March low of $7.20. In this case, not only will the bullish thesis be invalidated, but the altcoin will also be vulnerable to falling below $5.85 in December 2022.
ApeCoin (APE)
ApeCoin continues to attract the attention of investors thanks to Bored Ape Yacht Club, the largest NFT collection. In the last 30 days, NFTs have generated $1.29 billion in trading volume, which could translate into bullish momentum for the token. If the bulls support the cryptocurrency, APE could see an increase of over 50% during the bottom season. Breaking the CS at $5.00 coinciding with the 200-days EMA is a crucial hurdle for them to overcome. This will allow the token to hit a new year high of $6.30.
However, selling pressure could trigger a decline and a loss of CS at $3.70 might open ApeCoin to drop below $2.80 in November 2022.
Floki Inu (FLOKI)
Floki Inu, which belongs to the Dogecoin family, made a name for itself by attracting users to the NFT Metaverse game Valhalla. Elon Musk’s latest Twitter show is expected to trigger a surge in meme coins, and FLOKI could take advantage of the same. To mark a new 2023 peak, the altcoin will need to surpass the CR at $0.00004458, which is $0.00005559 to $0.00003224. in line with the 50% Fibonacci Retracement between the dollar. Conversion to support would allow it to surge 60% to $0.00005559.
However, failure to do so could result in a decline and Floki Inu price could drop from $0.00003224 to CS. This not only invalidates the bullish thesis but also causes FLOKI to drop to its February low of $0.00002078.
Chainlink (LINK)
Chainlink price continues to be stuck in tight zones it started in early March 2023. The price is believed to be moving through the consolidation phase as both buyers and sellers slowly push towards each other. What’s more, low highs and lows are converging, signaling that a breakout will happen very soon.
Altcoin price is very close to the apex of symmetrical consolidation, which is generally considered decisive. Meanwhile, ADX is slowly rising, showing the strength of the rally, suggesting that the price may experience a bullish breakout very soon. Therefore, a notable rally can be expected which could trigger a rally beyond $8.20 initially, but also indicates the chances of a drop to $7.
Avalanche (AVAX)
Avalanche price is also consolidating within an ascending triangle but managed to break the horizontal blockade at $17.78. The price dipped lower due to the short-term bearish outlook and is currently trading along intermediate resistance levels. If the bulls successfully maintain their strength, the price may break the ascending triangle and reach $20, which could further increase the pullback.
While the bullish outlook looks spot on, traders need to pay close attention to the $17 support levels. A break below these levels could invalidate the ascending triangle setup and also the bullish thesis for Avalanche price.
Looping (LRC)
A similar pattern can be seen in the LRC price in the short term as the price creates equal highs and lows. An extended consolidation could indicate that LRC price is stuck and heading towards a decisive close. A close above $0.37 could confirm a breakout.
If the bulls fail to withstand the selling pressure, the LRC price could invalidate the bullish argument. Moreover, if the price drops below $0.34, the market structure could change drastically in favor of the bears. In such a case, LRC price could slide to a new low of $0.32.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.