With bitcoin pulling back to 47,600 last August 24, it sucked along it most of the cryptospace. Cryptos, however, bounced yesterday with the strongest bounce seen in gaming coins.
MBOX
The biggest gainer in gaming is newcomer MBOX which was just launched last April 21 on the Binance Smart Chain. MBOX is up 68% yesterday breaking its previous all-time high of 5.86 last August 19. Its current price is 6.95 dollars and we can see a resistance at 7.3 dollars on the 4-hour chart. There is not much known yet in MBOX aside from it is another foray into the play-to-earn ecosystem. With a marketcap below 300 million dollars and a chart data of just more than a week, I would still be cautious in adding this to my portfolio. Not yet my game to play, I guess. But maybe yours?
ALICEUSD
Another big gainer is ALICE which increased in price by 31.5% yesterday. ALICE is a multiplayer builder game on the chromia blockchain. It gained buzz last March for gaining a whopping 58,000% on its ICO in Binance. Since BTC's rally last July 21, Alice is up 430% in price. For the past 30 days, its market cap increased from 160 million to 480 million.
As we can see on its chart, Alice broke a significant resistance at 20.18 USD and almost reached 23 USD yesterday. It's currently forming a reverse head and shoulders pattern with a healthy volume upon breaking out from its neckline. This is a very bullish chart we have right here. Let's see if ALICE can reach its all-time high at 60USD.
SLPUSD
Our next big gainer needs no further introduction, SLP, the reward token for the posterchild of play-to-earn, Axie Infinity. SLP has been sliding in price since it formed a double top last July 13. Its 15% gain yesterday was a relief to our dear Axie players. Personally, I don’t see any bullish signals yet for SLP.
MANAUSD
Mana gained 13.73% yesterday after a 7.71% drop last August 24 forming a more or less bullish engulfing candle. It has, however, been having a hard time breaking the one dollar mark and unlike most coins, it hasn't yet reached RSI 70 during this entire rally. I am bullish on Mana but it still needs more fuel for me to trade it.
ENJUSD
Our last big gainer is Enjin which increased by 10.48% yesterday. It closed at 2.06 dollars yesterday which is a little above its breakout point. We're also seeing some above average volume lately. Enjin has also gained more than 100% since the rally last July. It formed a healthy consolidation prior to breaking out at 2.06. Overall, Enjin looks nothing but bullish to me.
Although I am seeing bullish signals from various cryptos, I am still wary of adding to position because of bearish signals visible now in bitcoin and ether. And as we all know, the cryptospace tends to gravitate to bitcoin's price. To be exact, I am bullish long term with Bitcoin, of course. However, the rising wedge pattern it has formed and the bearish divergences now present on the daily chart may suggest that it is ripe for a consolidation in the mid-term. Personally, I have only bought ALICE during this pullback and sold some of my positions with glaring divergences.
As always, this post is not a financial advice or a buy signal. These are my personal thoughts on the market. Traders should always DYOR.