- In this week’s edition of the token boom report, Stacks $STX token spiked more than 83% before pulling back.
- The Immutable X $IMX token rallied nearly 79% during the week.
- GameFi $GAFI and Get Protocol $GET fell by 25% and 19% respectively while Origin Protocol $OGN spiked more than 70% late on Sunday.
In this week’s edition of the token boom report, non-fungible tokens (NFTs) and metaverse tokens bounced back to recovery from last week’s decline. Stacks and Immutable X led the recovery, while Origin Protocol spiked late on Sunday to boost the NFTs segment recovery.
The metaverse witnessed more trademark application filings while Baidu issued an airdrop of 20,000 NFTs ahead of launching its NFT marketplace later this month.
The metaverse buzz may be waning but it is still one of the hottest topics out there. In a week, that continued to mirror the negative impact of uncertainty amid the war in Ukraine, some of the leading brands continued to jump on the metaverse trademark train.
Overall, crypto tokens tied to the metaverse bounced from a market cap of $22.7 billion to about $23.7 billion, reflecting a recovery of about 4.4%.
Stacks is a layer-1 blockchain protocol designed to make bitcoin an open ecosystem. The platform was launched to enable developers to launch decentralised applications and smart contracts underlying the world’s leading cryptocurrency.
Bitcoin has failed to mirror the success of Ethereum and emerging proof-of-stake blockchains in creating an ecosystem that can support smart contracts, gaming, and dApps. However, Stacks is changing that with its bitcoin scaling protocol allowing the development of play-to-earn games and NFTs.
Technically, the $STX token spiked more than 83% on Thursday before quickly pulling back to trim the gains. The spike was triggered by the announcement of a $165 million fund to launch bitcoin projects on the Stacks protocol.
Technically, the $STX price has since pulled back to create an exciting opportunity for a rebound. Therefore, traders could target profits at about $1.37, or higher at $1.58. On the other hand, $1.20 and $1.05 are support levels.
GameFi is a blockchain gaming aggregator that offers video game developers to launch play-to-earn games.
The platform does not focus on one particular game, but rather provides an ecosystem that allows gamers to access several games from different blockchains.
The GameFi token extended declines falling a further 25% in the previous seven days to add the previous week’s massive collapse.
Technically, the $GAFI token now seems to have found a solid support level at around $22.10, creating a perfect opportunity for a rebound.
Therefore, traders could target potential rebound profits at about $23.60, or higher at $25.60.
Victoria VR (VR/USDT)
Victoria VR $VR is another gaming token targeting the metaverse. It is a massively multiplayer online roleplaying game (MMORPG) in Virtual Reality (VR) with Realistic Graphics built on Unreal Engine.
The game is created for and by the community, that voted on critical developments using the VR token.
Technically, the $VR token seems to have experienced a turbulent week. It spiked nearly 20% earlier last week before declining by 17% in mid-week. However, it recovered during the week, gaining another 17%.
Technically, traders could target extended rebound profits at about $0.1403, or higher at $0.1445. On the other hand, $0.1299 and $0.1202 are crucial support zones.
NFTs and Collectibles tokens
NFTs and collectibles tokens continued to benefit from the continued influx of leading brands in the industry. The most recent major announcement came from the Chinese internet giant Baidu, which announced an airdrop of 20,000 NFTs ahead of its upcoming NFT marketplace.
Several brands entering the metaverse have also announced downloadable digital collectibles as part of the trademark filings, extending the reach of NFTs.
In the last seven days, the NFTs and Collectibles tokens declined slightly to $33.74 billion, down from $34.2 billion in the previous week.
Immutable X (IMX/USD)
The Immutable X token led the NFTs and Collectibles tokens’ rebound rallying by nearly 79% before easing on Sunday.
The rally was fueled by the company’s $200 million Series C fundraising, which valued it at about $2.5 billion.
The blockchain platform is a layer 2 scaling protocol for the Ethereum network, allowing the development of non-fungible tokens (NFTs) and decentralised applications.
Technically, the $IMX token seems to have rallied nearly 79% in the previous seven days before pulling back on Sunday.
Therefore, traders could target an immediate rebound at about $1.742, or higher at $1.969. On the other hand, $1.578 and $1.468 are support zones.
Origin Protocol (OGN/USD)
Origin Protocol is a blockchain ecosystem that acts as a launchpad for NFT drops. The platform announced late last week, plans to launch a new governance token for its OUSD stablecoin, giving OGN holders an opportunity to receive 1:1 for every token.
This seems to have spared a delayed reaction from traders with the OGN token spiking more than 70% late on Sunday.
However, the $OGN token pulled back on Monday morning to trim the gains, creating another opportunity for a rebound.
Traders could target potential rebound profits at about $0.453. On the other hand, $0.3769 and $0.3388 are crucial support zones.
Get Protocol (GET/USDT)
Get Protocol is a blockchain scaling ecosystem created to provide a solution for global online ticketing systems. The team behind the project want to eliminate the cases of fraud in the industry using blockchain technology whilst ensuring mass transaction support at low fees.
The platform has reportedly sold hundreds of smart tickets for event companies located in Europe and Asia.
In a Twitter post, Get Protocol claimed to have sold 35,000 NFT tickets last week.
The ticket sale seems to have sparked the $GET token’s 9% recovery between March 7 and March 9. Before pulling back during the rest of the week.
Technically, traders can target rebound profits at about $1.977, or higher at $2.033, while $1.878 and $1.819 are crucial support zones.
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