- IMX, FLOKI, and EGLD are some of the most popularly known gaming tokens in the crypto space.
- All of the major gaming tokens have witnessed a consistent surge in recent days.
In recent times, the cryptocurrency space grown significantly, rapidly becoming a popular investment avenue for a broad range of investors. This surge is due to the emergence of numerous projects within the crypto ecosystem, driving innovation across various sectors.
Among these developments, gaming tokens have gained substantial traction, capturing the attention of both investors and enthusiasts alike. With the gaming industry expanding rapidly, these tokens are poised to play a crucial role in the future of digital assets.
Let’s explore the top three gaming tokens that show strong potential for significant growth in the coming years.
1. Immutable X
The Immutable X token’s market cap advanced by 3.01% in the last 24 hours from press time. This further resulted in a market cap value of $2.326 Billion, taking it to the 37th largest spot in the global crypto market.
IMX/USD Chart by TradingView
The IMX token went into a downtrend over the past five months, with the price consistently declining to lower levels. This bearish momentum marked lower lows on the price chart, underscoring the prolonged seller dominance in the market.
Amid this persistent decline, IMX developed a falling wedge pattern, a formation often observed in bearish trends. However, it recently broke out above the following wedge pattern.
2. FLOKI
The FLOKI token had a total of 80.3K holders and its top 10 holders had 73.76% of the total supply. Additionally, the number of tokens had consistently advanced over time. The sentiment of the token further was bullish and the fear and greed index was at 55 showing greed among the investors.
FLOKI/USD Chart by TradingView
The daily price chart of the Floki token has consistently exhibited lower lows, reflecting seller dominance in the market. This ongoing downward trend has been further intensified by bearish market sentiment and significant profit-taking by investors, contributing to a marked decline in the token’s value.
Additionally, the token breached key support levels, indicating that further declines may be on the horizon. The persistent selling pressure suggests that the Floki token could potentially reach even lower levels in the near future.
3. MultiverseX
The EGLD token had strong security score of 92.69. It belonged to the AA tier which made it the 2nd safest cryptocurrency in the global crypto market. MultiverseX token was volatile at 7.95%, followed by a market cap dominance of 0.03%.
EGLD/USD Chart by TradingView
EGLD token has been in a pronounced downtrend over the past four months. It declined to to new lows, contributing to a bearish sentiment in the market.
In mid-March 2024, the EGLD token reached a swing high of $80.85. However, since that peak, the price has consistently trended downward. This steady decline has reinforced the strong downtrend, with the formation of lower lows signaling continued weakness in the token’s performance.
Most recently, EGLD has been trading within a falling wedge pattern, a technical formation that it now finds itself at the lower band of. This pattern often indicates a potential reversal. However, the token’s proximity to the lower band suggests it remains under considerable selling pressure.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.