With BTC prices holding above $60,000, the altcoin bull market is heating up. With speculations of Bitcoin hitting $100,000 amid the presidential election and interest rate cuts, gaming, AI, and meme cryptocurrencies are racing ahead at breakneck speed.
Among the well-performing gaming tokens, IMX, BEAM, and GALA are signaling a positive recovery. Will the recovery of these gaming cryptocurrencies lead to a stronger recovery in the entire gaming crypto sector? Let’s find out in the analysis below!
Game Coins to Buy:
ImmutableX (IMX)
Although the daily chart shows a bearish trend, the price of IMX has dropped from $3.63 to the psychological level of $1.00. However, the buyer dominance remains strong around the $1.00 level, leading to a sideways trend.
The sideways trend coupled with the contraction in volatility has formed a symmetrical triangle pattern. Additionally, the large bullish candle, which formed with a 13.75% increase yesterday, has challenged the resistance above.
Today’s intraday correction of 2.60% has resulted in a minor test and limited the breakout potential. However, with the broader market rallying, a breakout above the triangle would challenge the resistance at $1.66 near the 200-day EMA.
The bullish outlook suggests that the uptrend could extend to the psychological level of $2.00 or $2.5393 as gaming cryptos recover. On the other hand, IMX’s key support lies at the 50-day EMA at $1.31 and the support-resistance near $1.25.
BEAM (BEAM)
The BEAM token shows a falling channel pattern on the daily chart. This pattern shows a major bearish influence on the game token, causing the price to fall from $0.044 to a recent low of $0.010.
However, the price reversal from the psychological level has led to a new bullish cycle, challenging the upper resistance. The new cycle, which started at $0.01154, recently broke the upper resistance.
This breakout has surpassed the 50-day EMA and recorded a 30% increase in the last 11 days. With the recovery from the bottom and a strong rally, the BEAM token is preparing for a trend reversal and is currently trading at $0.015.
With an intraday gain of 4.39% after a 5.45% jump last night, the gaming token is heading towards $0.020. The next resistance for the gaming token will be at $0.029 and $0.038. On the other hand, the important support for the token is at $0.012 and $0.010.
GALA (GALA)
Similar to other gaming tokens, Gala Token showed a bullish breakout on the daily chart. However, the breakout of the falling wedge pattern failed to gain much momentum, resulting in a consolidation range under the influence of the descending 50-day EMA.
The consolidation range extends from $0.015 to $0.021. Currently, under the influence of the 50-day EMA, a bearish trend is still continuing within the daily range.
Gala Token price recently broke out from the previous pattern but is currently moving sideways. Therefore, the fundamental momentum of Gala Token reflects weakness in the bullish trend.
However, a break above the 50-day EMA, a long-standing dynamic resistance, would result in a rally to the 200-day EMA near $0.028. Additionally, the psychological support zone of $0.038 would be a key resistance that would determine the upcoming trend in the gaming cryptocurrency’s price. On the downside, key supports are at $0.015 and $0.013.