GameFI tokens have been rising in price, with GALA, Immutable (IMX), and BEAM increasing by more than 10% in the last 24 hours.
The rise is coming amid a more general bullish move in the crypto market. Many altcoins are increasing in price as Bitcoin rises in value, creating positive sentiment in the market.
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We have seen the rise of meme coins and some other sectors. Now it looks like GameFI tokens are also about to start seeing a major price increase.
What you'll learn 👉
Increased GameFi Activity
July 16 data from Coin98 Analytics suggests that there has been a notable uptick in GameFi activities over the past 30 days. The analytics firm reports that major top DApps, including GameFi, are dominating user activities in the Web3 space. This increased engagement could be a driving factor behind the current price surge.
Coin98 Analytics shared on their social media platform:
“Explore the top DApps that have maintained significant growth in unique active addresses over the past 30D. Currently, SocialFi and GameFi are dominating user activities in the Web3 space!”
Technical Analysis: Breaking Out of Descending Trendlines
From a technical perspective, the price action of GALA, IMX, and BEAM is particularly noteworthy. All three tokens have broken out of their respective descending trendline patterns, a development that often precedes significant price growth.
This breakout could be interpreted as a bullish signal, suggesting that these GameFi tokens may be poised for further gains soon.
The convergence of increased GameFi activity, broader market bullishness, and promising technical indicators presents a potential opportunity for crypto investors interested in GameFi tokens.
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