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Yield Guild Games Price Prediction: Is A Canine-Themed Token A Threat To YGG Dominance?

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Yield Guild Games
Yield Guild Games

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Yield Guild Games (YGG) token surged 555% to $0.9990 but quickly dropped to $0.35 within 3 days. This sparked recovery concerns while prompting scrutiny of the sharp price swing.

Yield Guild Games (YGG): Navigating the Play-to-Earn Landscape

Yield Guild Games operates as a decentralized autonomous organization (DAO). This is with a unique focus on establishing gaming guilds as subDAOs within the Play-to-Earn (P2E) gaming sector. A noteworthy facet of YGG’s approach is its provision of scholarships. This allows players to access the required non-fungible tokens (NFTs) for participating in P2E games.

YGG games

The revenue generated from these games is then shared with the NFT owners. The YGG token, pivotal to the ecosystem, empowers holders with voting rights and facilitates payment for network services. Additionally, it can be staked to earn supplementary rewards.

The Surge: Catalysts and Context

Multiple significant events prompted the surge in YGG token price. Yield Guild Games unveiled the fourth season of its Guild Advancement Program (GAP) on August 3.

This recurring gaming initiative rewards community members who complete specified quests in YGG-associated games. Renowned industry names like Splinterlands, Skyweaver, and Axie Infinity (AXS) are participating, amplifying the network’s utility.

Furthermore, Binance introduced the YGG/USDT trading pair with leverage to its catalog. This provided a fresh injection of approximately $100 million into the YGG ecosystem.

Unraveling the Crash: Contributing Factors

The token’s decline, while seemingly sudden, exhibited prior indications through dwindling trading volume despite price increments. A 24% volume decrease to under $500 million transpired concurrently with a $17 million market cap increase, reaching $161 million. Reports indicated that venture capital firms, early backers of the YGG project, were poised to sell their shares on Binance.

Notable firms such as Bitkraft Ventures and DWF Labs transferred their holdings to the exchange. This pointed to intentions to sell. Wintermute Trading, another significant holder, made substantial token deposits to businesses, while Youbi Capital also moved tokens to Binance. These actions signaled readiness to trade or liquidate holdings. This intensified selling pressure, likely contributing to the price downturn.

P2E Landscape and Challenges

While YGG’s P2E model has garnered attention, recent developments in the broader NFT market have posed challenges. A decrease in player interest in P2E games coincides with an ongoing downturn in the NFT market. Axie Infinity, a prominent game integrated with YGG, has witnessed diminishing new account creations, as reported by Dune query.

YGG Dune
Source: Dune Analytics

Similarly, the YGG token has also been facing a decline in new account creations. Furthermore, the regulatory scrutiny by the United States Securities and Exchange Commission (SEC) has also dampened sentiment. This came after the financial regulator labeled specific P2E projects as securities offerings.

https://twitter.com/UpOnegg/status/1665792745028329475

Yield Guild Games Price Analysis

The four-hour chart for the YGG/USDT trading pair reflects a significant loss, erasing over half of its recent gains. Prices swiftly reversed after a remarkable +555% surge from July 25 to August 7. This saw it shed around 85% of those gains in just three days. Presently, the pair finds support at the 78% Fibonacci Retracement level ($0.3352), preventing further declines.

YGG price
TradingPair: YGG/USDT 4-hour chart

The coin’s future trajectory is uncertain due to conflicting indicators—the Relative Strength Index (RSI) hovers near the midpoint, indicating market indecision. Conversely, red Awesome Oscillators (AO) histograms below zero suggest potential price drops. This comes while the lower Exponential Moving Average (EMA) is positioned above the higher EMA, implying a rising trend.

In the event of selling pressure, the next support rests at $0.2253. Conversely, an upward move could lead prices past the 8EMA towards the 61% Fibonacci Retracement at $0.4766, potentially unimpeded.

Alternative to YGG

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Continued Presale Success

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