There seems to be general agreement that a bear market is in effect after the price crashes of BTC, ETH, LUNA, and StepN. Only 1.9 percent more GameFi projects were created in May, primarily as a result of the expansion of projects on the Polygon chain. The two primary chain projects’ growth rates, Ethereum and BSC, have gradually slowed.
A significant barrier to entry has been created by the success of various blockchain games. NFTs can sell for hundreds or even thousands of dollars in popular games like Axie Infinity. As a result, communities of gamers have formed decentralized independent organizations known as “gaming guilds.” The number of transactions and overall active users on GameFi are decreasing. There were 19.83 million active users overall as of May 31. This figure includes 830,000 new users and 19 million long-time users. Comparing May to April, there were 13.4% fewer active users overall. Let us look at some GameFi utility tokens
Smooth Love Potion (SLP)
Axie Infinity, a card trading and war game that has emerged as the face of the GameFi industry, is by far one of the most well-liked games. It was the first to sell more than $1 billion worth of tokens in total and to simultaneously host over a million gamers who were online every day. However, there were some bumps in the road after the game’s release in November 2021, primarily because of its burn mechanism and uneven distribution of SLPs.
Axie’s in-game token, Smooth Love Potion (SLP), was overproduced and distributed without adequate means of burning or complete destruction. Axie experienced inflation since its SLPs lost value and were ineffective at motivating players. Let us look at the SLP price
SLP retraces back to the crucial support level of $0.0033 after failing to break through the $0.0048 resistance level. To become bullish again in the medium term, SLP needs to surpass the $0.0048 resistance level. To reach the significant resistance level at $0.0061, SLP must keep its price above the resistance level at $0.0048.
Green Satoshi Token (GST)
Stepn (GST) is competing in the fitness industry using cryptocurrencies and the blockchain. Stepn is a smartphone software built on Solana and produced by app developer FindSatoshi Lab that allows users to earn money by jogging, running, or walking. The NFT-based exercise app has amassed 3 million active users each month. Given the high number of customers, market experts wonder if this will cause the GST price to rise slightly. Let us look at the GST price
GST recently fell below the $0.181 support level, and going forward, this level will serve as resistance. However, it is unable to go past the crucial $0.181 resistance level. The support levels of $0.1625 or $0.17 are the next area of interest. GST can aim for the $0.19 and $0.21 significant resistance levels if the bulls break through and close above the $0.181 resistance level.
Star Atlas DAO (POLIS)
Star Atlas is a Metaverse NFT project centered in Solana that is developing a grand strategy game of space exploration and conquest. It’s ecosystem has a dual-token economy consisting of the ATLAS and POLIS tokens. Trading pairs for ATLAS and POLIS has gone live on Bitfinex, a cutting-edge digital token trading platform .
Players can buy and sell game assets with the use of the tokens to mine resources, purchase machinery, and exert more power over the Star Atlas cryptocurrency game. In the ecosystem, the POLIS coin also serves as a governance component. Let us look at the POLIS price
POLIS recently lost the critical support level of $0.42. This price level will act as resistance in the following days or weeks. For the time being, the $0.34 price level provides some support. POLIS must surpass $0.42 in order for a short-term bullish tendency to overcome against downward momentum. If it breaks through, $0.58 will be the next key level of resistance.
And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.