The crypto market is flooded with opportunities, and GameFi tokens are among the most discussed. GameFi combines gaming projects with decentralized finance (DeFi) models. What were the results of the top GameFi tokens this month?
ImmutableX (IMX) Breakout
ImmutableX (IMX) has become one of the leading GameFi tokens thanks to its goal to increase Ethereum's efficiency for NFT businesses. As a layer-2 scaling solution for the Ethereum network, IMX has garnered significant attention, and this month we saw a substantial surge in its value. Since the beginning of August, IMX has risen over 65% to a crucial level of $1.50 and is looking to reach the $2 mark. With a market cap of $2.84 billion, IMX was trading at $1.42 with a daily decline of more than 3.29%. The RSI line indicated an overbought state, highlighting bullish prospects. According to Fibonacci levels, the token has surpassed the 38.2% zone and reached the 50% resistance level.
MultiversX (EGLD) Growth
MultiversX (EGLD) is a blockchain protocol aimed at delivering high transactional throughput through sharding. The token reached a crucial resistance level of $30 and is moving towards the $50 mark. EGLD was trading at $29.68, down more than 6% intraday. However, weekly charts seemed positive, and the token might break out soon. According to CoinMarketCap data, its market cap stood at $813.13 million, ranking 75th. Futures open interest fell over 12.66% to $18.25 million in the past 24 hours, indicating a long unwinding move. The RSI line was noted around 60, emphasizing positive observations, while MACD indicators highlighted bullishness.
Gala (GALA) Analysis
Gala (GALA), the native token for the Gala Games platform, is used for governance, dApps, and more. The GALA chart displayed accumulation interest in recent weeks. The token rose over 35% in the last two weeks, crossing a significant resistance level of $0.02000. Approaching the 50-day EMA, the token attempted to continue the upward trend. Notably, GALA was trading at $0.0205 with a daily decline of over 2.90%, indicating a slight intraday dip. Technical indicators suggest a possible continuation of the bullish move, with the token potentially reaching the 100-day EMA soon.
It seems that ImmutableX (IMX), MultiversX (EGLD), and Gala (GALA) show positive trends in the world of GameFi tokens. We'll continue to monitor their development and achievements.
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