The GameFi sector had been lagging behind the meme coin and AI cryptocurrency rallies in recent months. However, after a relatively flat weekend, two major players in the gaming cryptocurrency space, GALA and BEAM, are showing signs of life with impressive price pumps on Monday.
GALA Price Analysis
GALA, the native token of the Gala Games platform, is trading around $0.70 at press time, representing a 15% gain over the past 24 hours. While still slightly below its 2023 yearly high of around $0.80 set in mid-March, GALA has broken out of a descending channel it had been trading in following that peak.
On the technical analysis front, GALA’s Relative Strength Index (RSI) is currently at 70, indicating that the asset is in overbought territory and may be due for a short-term pullback or consolidation. However, the Moving Average Convergence Divergence (MACD) line is above the signal line, a bullish signal that could suggest the uptrend has more room to run.
Source: TradingView
Notably, GALA’s 200-day simple moving average has climbed to $0.602, reflecting the substantial gains the token has made over the past year. While GALA remains far from its all-time high of around $0.87 set during the 2021 bull run, the recent price action suggests that if momentum continues, new yearly highs could be on the horizon.
What is GALA?
Gala Games is a blockchain gaming platform founded by veteran game developers seeking to upend the traditional gaming model. Recognizing the problematic practices of major publishers, which often nickel-and-dime players to continue enjoying their favorite games, Gala Games is building a vast ecosystem of AAA-quality games, many free-to-play, that aim to empower gamers with unprecedented freedom, control, and rewards.
Leveraging Web3 and blockchain technology, Gala Games is ushering in a new era of gaming where players, not publishers, take center stage.
BEAM Price Analysis
BEAM, the native token of the Beam gaming ecosystem, is also seeing significant upward price action today, with a 9% gain that has it trading around $0.0035 at press time. This price point represents a slight pullback from BEAM’s 2023 yearly high of around $0.0043, set in mid-March.
Source: TradingView
Like GALA, BEAM has been trading within a sideways channel since mid-February, ranging from around $0.0026 to its yearly high of $0.0043. A breakout from this range could potentially see BEAM target the $0.006 level as its next major resistance.
BEAM’s RSI currently sits at 61, indicating that while the asset is trending higher, it is not yet in overbought territory. Additionally, BEAM’s MACD line is above the signal line, another bullish technical indicator. BEAM’s 200-day SMA of $0.0032 reflects the token’s steady uptrend over the longer term.
What is BEAM?
The $BEAM token is the native cryptocurrency powering the Beam network, a gaming ecosystem governed by the Merit Circle DAO. Beam serves as a collaborative space where gamers and developers can come together to shape the future of the gaming industry.
At the heart of Beam lies the Beam SDK, a flexible software development kit offering a suite of tools for developers to seamlessly integrate blockchain elements into their games. The Beam SDK empowers creators to fuel and structure in-game economies, governance models, and other Web3 features, unlocking new realms of interactive and immersive gaming experiences.
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Show more +Show less – Conclusion
If the momentum behind GALA and BEAM can be sustained, both tokens could potentially make runs at new yearly highs in the coming weeks. However, the cryptocurrency market remains highly volatile, and any shifts in broader market sentiment could quickly derail the GameFi sector’s newfound bullish price action.
As two of the more prominent players in the GameFi space, the recent price pumps for GALA and BEAM could signal a broader resurgence of interest in blockchain gaming after months of the sector taking a back seat to other cryptocurrency trends. Only time will tell if this is a brief reprieve or the start of a more sustained uptrend for GameFi tokens.
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