GameCredits (GAME) and the Rise of Gaming Industry in Blockchain
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The gaming industry has been growing at a very rapid rate in the recent years. Now, with the blockchain technology being widely adopted, gaming might take quite a different shape.
In the near future we might see more and more games on the blockchain, making them more accessible, flexible, faster and cheaper and profitable for gamers.
Some of the potential benefits are:
- Ability to purchase games with cryptocurrency.
- Having the Digital ID and settings, that can be used across multiple games.
- Buy and sell virtual good for cryptocurrency.
- Run games on a blockchain, without having to install it on your computer.
and the list goes on…
One of the coins trying to be a player in the blockchain gaming industry is GameCredits (GAME) - a blockchain-based digital currency widely used by the gaming community.
Obviously, the gaming industry is just at the very early stage of “migration” into the blockchain. As the technology is getting more and more adopted by big players, price of gaming related tokes could have a very strong increase in rice over the long-term.
Looking at GAME/BTC, it is currently trading at 2624 satoshis, which is almost the same price as exactly 3 years ago. GAME produced an all-time high back in June 2017, when it reached btc 0.002. Considering the price at the all-time high and the recent low at 2400 sats, GAME lost to Bitcoin over 98%!
Truly a huge drop in price, but it actually might be a signal on a very strong recovery. The price is very low even in relation to the total coin supply. During the past 3 months, GAME/BTC has found a strong support at 2500 satoshis level, which has been rejected 3 times. RSI has formed abolish divergence and the action has started.
On the 23rd of September, under the heavy trade volume, price broke above the downtrend. Simultaneously, RSI oscillator uptrend trendline was rejected, while the descending channel broken. Possibly, these are signals of a trend reversal?
Of course there is such probability, yet the risk of buying GAME at this stage is very high, but the rewards is also high. If current support will continue to hold, price might start moving up towards the strong resistance at btc 0.0002. Not only this is a 38.2% Fibonacci retracement level, but also a price level where the GAME was traded with the high volume and finally, it is a round number, which is a psychological level of resistance. Therefore, this could be a 700% potential gain overall.
On the other hand, if the support is broken, more range trading could take place. Price might even decline further, down to the 1.272% Fibonacci support at 172 satoshis. RSI break below the uptrend trendline, might be the way to recognize the downtrend continuation.
As the last point, GAME/BTC has recently retraced down to the Fib support that has been rejected along with the uptrend trendline. Is it a reversal?
Comment: GAME is trading within the descending channel, the question is whether it will break lower or reject the lower trendline
Disclaimer: This report is originally posted on TradingView and is for educational and informational purpose only. This post does not constitute an endorsement, recommendation, or offer to sell. Please be guided accordingly.
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