Gaming altcoins have attracted attention this week by exhibiting a significant bull rally . Many tokens have managed to increase investor interest with triple-digit increases. Total market cap reached $29.19 billion with a one-day increase of 7.39%. In addition, trading volume increased by 13.19% to $5.69 billion. Thus, it became a matter of curiosity whether the 2 popular altcoins will take over the leadership of the gaming category.
Sandbox (SAND)
Sandbox has been one of the tokens that have caught the attention of investors this week. The SAND price has increased by nearly 80 percent in the last week. It has also recorded an impressive increase of 150.67 percent in the last 30 days. With this performance, it has taken an important place in the crypto market by increasing its total market value to $ 1.564 billion. This strong rise has both increased the confidence of existing investors and attracted new investors. In addition, the Relative Strength Index (RSI) continues to remain in the overbought region on the daily chart. However, the trend line continues its upward movement.
This is considered a positive signal for investors. If the bulls gain momentum, the SAND price will test the critical resistance level of $0.80. Conversely, if the selling pressure increases, the price is likely to pull back to the support level of $0.50. Also, analysts say that the SAND price has the potential to see $1 within 2024.
Gala (GALA)
Gala stands out as another gaming token that attracts attention in the market. Popular among gaming altcoins, GALA reached a trading volume of $351.48 million in the last 24 hours. In addition, the token gained 38.71% in the last seven days and 90.67% in the last 30 days. These impressive increases continue to increase investors’ confidence in GALA.
The daily chart of GALA is strongly supported by the Simple Moving Average (SMA). However, the MACD indicator is also indicating an uptrend. If the price manages to stay above the $0.03975 resistance level, the next target for GALA could be the $0.05305 resistance level. However, if the bulls lose control, the possibility of a drop back to the $0.02675 support level should not be ruled out.
Future Prospects for Gaming Altcoins
The upward trend exhibited by these tokens suggests that the gaming category could gain more importance in the crypto market in the future. Furthermore, this strong performance presents a promising picture of how the gaming sector can further integrate with blockchain technology.
As a result, game tokens like Sandbox and Gala promise both short-term earning opportunities and long-term potential for investors. As we reported at Kriptokoin.com , whether the rise in cryptocurrencies will continue varies depending on general investor sentiment and market dynamics in the market.
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