- As the summer gaming season heats up, so does the anticipation for action in the cryptocurrency markets, particularly within gaming-centric tokens.
- With gamers and investors alike looking for the next ample opportunity, cryptocurrencies like Immutable X ($IMX), Beam ($BEAM), Gala ($GALA), Axie Infinity ($AXS), and Elrond ($EGLD) are drawing attention.
- “Despite a bullish month with the price rising 13% and fluctuating between a 30-day high and low of $2.61 and $1.85, Immutable (IMX) has retraced.”
Discover the latest trends in gaming-centric cryptocurrencies as the summer gaming season ignites market excitement. Stay informed with our in-depth analysis of IMX, BEAM, GALA, and more.
Immutable X (IMX) Faces Market Retracement
Immutable X (IMX) has experienced a notable retracement after a bullish month. The price has dropped 8.14% this week, failing to surpass the weekly high of $2.61. Bears have dominated the market in the last 24 hours, pushing the price down to an intra-day support level of $2.27. This downtrend is evident in the IMXUSD price chart, marked by a series of lower highs within a descending channel. Resistance levels have been observed at $2.93, $2.8, and $2.6, indicating increased selling pressure at these points.
Potential for Bullish Reversal
The Relative Strength Index (RSI) is approaching oversold levels, suggesting a potential for a bullish reversal if the price reaches the channel’s support line near $2.20. If bullish momentum regains control, the initial target would be the nearest top. A strong reversal could break the descending trend, setting subsequent targets at Top 2 and Top 1. Conversely, if bearish pressure breaches the $2.20 support, the next support level would be $2.00.
Beam (BEAM) Shows Signs of Reversal
The Beam (BEAM) token has been in a bearish phase over the last 24 hours, with prices fluctuating between an intra-day high of $0.02941 and a low of $0.02753. Despite this short-term trend, BEAM has risen 1.38% in the past week and 11.90% over the last 30 days. The trading volume has increased by 15% in the last day, indicating that traders may be accumulating tokens in anticipation of a potential bull rally.
Falling Wedge Pattern Indicates Bullish Potential
On the BEAMUSD price chart, a falling wedge pattern suggests that the downtrend is losing momentum, and a reversal is likely. A bullish signal has emerged as the price broke out of this trend, indicating that the price might continue to ascend following the consolidation period within the wedge.
Conclusion
As the summer gaming season progresses, gaming-centric cryptocurrencies like IMX and BEAM are showing mixed signals. While IMX faces a potential bullish reversal, BEAM’s falling wedge pattern indicates a possible upward trend. Investors should closely monitor these developments to capitalize on potential market opportunities.
