The crypto market is flooded with opportunities, and top GameFi tokens are one of the buzzing cryptos. GameFi is an amalgamation of gaming and decentralized finance or DeFi. Thus, it uses blockchain for asset ownership, play-to-earn models, and features of DeFi.
While other traditional games have tokens with real GameFi tokens, it sets itself apart from all others by integrating both gaming and cryptocurrency features.
Based on the market cap and monthly performance, ImmutableX (IMX), Multiverse (EGLD) and Gala (GALA) represent strong projections and investors have to watch out for in the next sessions.
Immutable (IMX) Breaks Out: Will it Lead the Top GameFi Token Race?
Immutable has become one of the Top GameFi tokens in the market as its objective was to increase the efficiency of Ethereum for NFT businesses. Being a Layer-2 scaling solution for the ETH Network, IMX is a one-stop ecosystem for NFT lovers.
It recorded a falling channel breakout and triggered a massive bullish surge this month. Since the beginning of Aug, IMX rose by over 65% to the crucial pivot of $1.50 and was looking to ascend toward the $2 mark.
With a market cap of $2.84 Billion, IMX traded at $1.42 with an intraday decline of over 3.29%, reflecting a minor profit booking move.
The Daily RSI line stayed in the overbought zone, guiding the bullish projections. Per the Fib retracement levels, the token has crossed the 38.2% zone and reached the 50% resistance region.
MultiversX (EGLD) Poised For Up Move: Breakout Imminent?
MultiversX is a blockchain protocol seeking to deliver high transnational throughput through sharding. Interpreted as a technological platform of the emerging web, it includes fintech, DeFi, and the IoT.
Trading inside a falling channel, the token reached the crucial resistance mark of $30. It was poised for a rise and was moving toward the $50 mark soon.
EGLD traded at $29.68, dropped more than 6% intraday. However, it looks bullish on the weekly chart and could break out soon. Per the CoinMarket Cap data, it was ranked 75th with a market cap of $813.13 Million.
Its Futures Open Interest dropped over 12.66% to $18.25 Million, signifying a long unwinding move in the past 24 hours.
However, the RSI line was noted around 60, underlying the positive observations, while the MACD indicators highlighted the bullishness.
Gala (GALA) Chart Displayed Accumulation: What’s Next?
GALA, the native token for the Gala Games, it is used for governance, DApps etc. The chart displayed accumulation in the past few weeks. It is a medium of exchange in the Gala Games marketplace, the token generated buzz this month.
Rising over 35% in the last two weeks, the token anticipated a breakout and crossed the prompt hurdle of $0.02000 mark. It has approached the 50 day EMA mark and tried to continue the bullish move ahead.
Going forward, the token displayed a significant accumulation and buying interest with a rise in trading volume. Notably, GALA was trading at $0.0205 with an intraday drop of over 2.90%, showing a slight downtick during the intraday session.
However, the technicals look strong and suggest that the token might resume the bullish surge and may approach the 100 day EMA mark shortly.
