During the recent market correction, Web3 Gaming has seen a significant increase in inflow. Despite most major altcoins following the Bitcoin correction, gaming tokens such as Axie Infinity and Sandbox have shown resilience, indicating potential for higher rallies. Key highlights: – The crypto gaming sector has experienced significant growth amid the market correction, according to Arthemis data.
– The Sandbox price is up 40% to challenge the key resistance of the double bottom reversal pattern. – The Axie Infinity price has shown a long accumulation phase, with a potential breakout in the near term. Blockchain GameFi Sector Sees Renewed Interest: – The Gaming sector in the Web3 space has shown impressive weekly growth, with a 29.3% increase.
This positions it as one of the top-performing categories alongside Staking Services (27.3%) and Data Availability (53.4%). – The sector’s performance is well above the average market gain of 17.9%, highlighting renewed investor interest and potential bullish momentum in blockchain-based gaming projects.
– The Gaming (GameFi) Coins market cap is $25.4, with an intraday gain of 4.2%. – The 24-hours trading volume holds at $5.59 Billion. Sandbox Price Analysis: – In the past three weeks, the Sandbox price has shown a notable increase from $0.223 to $0.86, registering a 288% growth. – This recovery in the daily chart shows the formation of a double bottom reversal pattern, with a neckline at $0.82.
– Amid the current market correction, the SAND price trades at $0.59 and holds a market cap of $1.4 Billion. – If the pattern holds true, the Sandbox price could rise 40% before offering a decisive breakout from the neckline. The post-breakout rally could drive the asset 75% up to hit $1.44. Axie Infinity Price: – Since September 2022, the Axie Infinity price has traded sideways, resonating within two horizontal levels of $13.7 to $3.9.
– While consolidation projects no dominance from buyers or sellers to lead the asset, the recovery in momentum indicator RSI (Relative Strength Index) shows building bullish momentum. – Similar to the Sandbox price analysis, the accumulation trend has pushed the AXS price from $4.26 to $7.46, accounting for a 74% surge.
– If the buying pressure persists, this gaming token is poised for an 80% increase before challenging the key resistance of $13.7. – A potential breakout from this resistance will signal a major trend change in Axie Infinity coins.
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<p>The post Web3 Gaming Thrives Amid Market Correction: Sandbox and Axie Infinity Show Resilience and Growth Potential first appeared on CoinBuzzFeed.</p>
