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- IMX price retraced 8.14% this week, with support at $2.27.
- BEAM showed a 1.38% weekly rise, with a breakout from a falling wedge.
- GALA’s intra-day support was established at $0.04429, facing resistance at $0.04666.
As the summer gaming season heats up, so does the anticipation for action in the cryptocurrency markets, particularly within gaming-centric tokens. With gamers and investors alike looking for the next ample opportunity, cryptocurrencies like Immutable X ($IMX), Beam ($BEAM), Gala ($GALA), Axie Infinity ($AXS), and Elrond ($EGLD) are drawing attention.
Immutable ($IMX)
Despite a bullish month with the price rising 13% and fluctuating between a 30-day high and low of $2.61 and $1.85, Immutable (IMX) has retraced. This retracement is evident in the weekly chart, with IMX down 8.14% after failing to surpass the weekly high of $2.61. Moreover, in the last 24 hours, bears have dominated the market, managing to subdue price before support was established at an intra-day level of $2.27.
On the IMXUSD price chart, the price of IMX has been in a recent downtrend, marked by a series of lower highs from Top 1 through Top 3 within a descending channel. During this trend, the resistance levels have been at $2.93, $2.8, and $2.6, respectively, indicating increased selling pressure at these levels.
IMX/USD price chart (source: TradingView)
Given that the RSI is approaching oversold levels, there is a potential for a bullish reversal if the price reaches the channel’s support line near $2.20. As a result, if the bullish momentum regains control and a reversal occurs, the initial target would be the nearest top. If it is strong enough to break the descending trend, the following targets could be Top 2 and Top 1. Conversely, if the bearish pressure breaches the $2.20 support, the next support level would be $2.00.
Beam ($BEAM)
The Beam (BEAM) token has been in a bearish phase in the last 24 hours, with prices swaying between an intra-day high and low of $0.02941 and $0.02753, respectively. Despite this trend in the short term, BEAM has been up 1.38% in the last week and 11.90% in the last 30 days. However, with the trading volume up by 15% on the last day, traders may capitalize on the dip to accumulate tokens for a potential bull rally.
On the BEAMUSD price chart, a falling wedge pattern is observed, suggesting that despite the downward price movement, the downtrend is losing momentum, and a reversal is likely. However, a bullish signal has emerged since the price broke out of this trend, indicating that the price might continue to ascend following the consolidation period within the wedge.
BEAM/USD price chart (source: TradingView)
With the breakout from the falling wedge, if the current support level around $0.028 holds, the price could attempt to retest the short-term resistance at $0.030. A successful breach of this resistance could lead the price towards the following targets at $0.036 and eventually $0.040. However, with the MACD below its signal line and histogram in the negative region, a bear trend may be expected in the short term.
Gala ($GALA)
Gala (GALA) has also seen a bearish shift in the last 24 hours, despite bulls initially having the upper hand before failing to breach the high at $0.04666. Support was established at the intra-day low of $0.04429 during the bull-bear tussle. If this support does not hold, the following support levels to watch are around $0.042 and $0.040, where buyers may step in to prevent further downward movement.
On the contrary, a bullish shift could occur if Gala can break above the resistance at $0.04666, potentially leading to a retest of higher levels around $0.048 or even $0.050.
GALA/USD price chart (source: TradingView)
The price action above the 50-day moving average suggests that the bulls are gaining momentum and could push the price higher in the short term. Moreover, the MACD trend indicator shows signs of a potential bullish crossover, further indicating upward movement in Gala’s price. This positive momentum could attract more buyers and drive the price toward the next resistance level.
Axie Infinity ($AXS)
Despite starting the day in a bearish phase that dipped the price to support at $7.61, the Axie Infinity (AXS) recovered before facing resistance at $8.03. If the bulls breach the intra-day high, the following resistance levels to monitor are $8.30 and $8.50. This positive momentum indicates the potential for further upward movement in the short term.
AXS/USD price chart (source: TradingView)
However, if bears regain control, the price may retest support at $7.61 before potentially dropping further to $7.40. With the MACD trending upwards in the positive region and the histogram showing increasing bullish momentum, there is a possibility of a continuation of the uptrend.
MultiversX (EGLD)
MultiversX (EGLD) has also seen a bullish turnaround despite a bearish start to the day. After establishing support at the intra-day low of $38.85, bulls swooped in, soaring the price to $41.24 before facing resistance. If this trend persists, the following resistance levels to watch for are $42.50, $44.00, and $50. There is potential for further gains as bullish momentum continues to build.
EGLD/USD price chart (source: Tradingview)
The MACD trend supports this trend as it tries to shift into the positive region, and the histogram develops higher bars. However, a reversal in the trend could occur if bears manage to break below the support level of $38.85, leading to a potential retest of lower levels around $37.50.
The post Crypto for Gamers: Will $IMX, $BEAM, $GALA, $AXS, $EGLD See Action This Summer? appeared first on Coin Edition.