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The Yield Guild Games (YGG) price has displayed an impressive rally, soaring 480% in under a week from $0.1728 to the coveted $1.0 mark before plummeting, as shown on the daily chart below. On August 7, YGG is trading at $0.3554, down 35% over the last 24 hours.
The YGG price has since retraced from the $1.0 observed on Monday, as the token trades more than 64% below this peak. The recent rapid increase and subsequent volatility have led to a significant surge in trading volumes.
Its 24-hour trading volume currently stands at $822 million, having increased by 75% on the day. This reinforces the high transaction activity associated with the Yield Guild Games token at the moment.
This increase in transaction activity comes amidst reports indicating that venture capital (VC) firms that initially supported the project are now stepping back, purportedly engaging in token sales, primarily on the Binance and KuCoin platforms.
According to data from LookOnChain, two whales deposited 3.577 million YGG worth $2.06 million on Binance, the world’s largest cryptocurrency exchange by trading volume.
BITKRAFT Ventures deposit 1.57M $YGG($907K) to #Binance via Wintermute Trading and FalconX.https://t.co/AAf2g4ERnO
Whale"0x639B" deposit 2M $YGG($1.16M) to #Binance and still has 2M $YGG($1.16M) left.https://t.co/t8LpKSpiAd pic.twitter.com/O8TCeONJbY
— Lookonchain (@lookonchain) August 6, 2023
BITKRAFT Ventures, a notable investor in the esports industry, placed a deposit of 1.57 million YGG tokens, at an approximate value of $907,000, on Binance through Wintermute Trading and FalconX. The details of this transaction can be followed on Etherscan, a widely used explorer for the Ethereum blockchain.
Another whale going by the pseudonym “0x639B,” deposited 2 million YGG tokens, worth approximately $1.16 million, to Binance. Interestingly, the whale still holds an equivalent quantity of $YGG tokens in their crypto wallet.
This has caught the crypto community’s and investors’ attention, who are speculating on these transactions’ short- and long-term impacts on the Yield Guild Games price.
Can Yield Guild Games Bulls Sustain the Recovery To $1.0
On August 7, YGG price made the much-awaited trip to the $1.0 psychological level. However, the buyers could not sustain the higher levels as the token plummeted as much as 64.14% to the current price of $0.3554.
The latest rally saw the play-to-earn (P2E) token rise above key support levels, including those defined by the 50, 100, and 200 Simple Moving Averages (SMAs). These levels could provide the demand that could propel Yield Guild Games tokens higher.
The Relative Strength Index (RSI) was still positioned in the positive region. The price strength at 61 above the midline suggested that there were still more buyers than sellers in the market. This was also reinforced by the Directional Movement Index (DMI), which showed more buyers than sellers.
This was evidenced by the positive directional line (+D) at 54, which was way above the negative directional line at 0.8. The average directional line (ADX) position at 60 suggested that the uptrend was strong.
YGG/USD Daily Chart
As such, YGG was more likely to rise from the current position, with the key levels to watch on the upside being the $0.40 and $0.50 psychological levels. Above that, the next logical move would be a return to the $0.549 level bringing the $1.0 psychological level into the picture.
On the downside, the RSI was turning down after overbought conditions. This shows that the ongoing correction could extend further. Key levels to watch on the downside are the $0.30 psychological level and the $0.135 to $0.235 level, where all the SMAs lie.
This analysis by LookOnChain and the subsequent price analysis reinforces the dynamic nature of the crypto market and the potential gains for vigilant investors. As always, investors are advised to research and consider their risk tolerance when investing in cryptocurrencies.
One of the ways to do your research is to use innovative tools like yPredict, a creative blockchain project that seeks to help investors to make informed and safe decisions in cryptocurrency trading.
YGG Alternatives
yPredict (YPRED) is a new cryptocurrency still in its developmental phase that promises to bring a unique blend of technology and finance expertise to investors. Its foundation is built on improving crypto signals with artificial intelligence (AI), providing a more precise and data-driven approach to cryptocurrency trading.
yPredict offers the following benefits:
- Data trading decisions: yPredict aims to provide insights grounded in meticulous data analysis. This empowers traders to make decisions founded on dependable data rather than mere intuition.
- Connecting Experts and Traders: Beyond being a mere tool, the platform serves as a hub where AI experts, financial analysts, and everyday traders can converge, facilitating a bridge between their expertise.
- A Hub for Market Predictions: Financial data scientists can share their predictive models with others, establishing a marketplace for these insights that cultivates mutual benefits for experts and traders.
🚀📊 Empowering traders with comprehensive market analysis and AI-driven insights for informed crypto investment strategies. Trade smart with yPredict's predictive modeling and custom execution options. #YPRED #CryptoAI #SmartTrading https://t.co/xO9suqHbwF
— yPredict.ai (@yPredict_ai) August 7, 2023
Within the yPredict platform, the YPRED token has a significant role. Built on the Polygon Matic chain, this token is more than just a digital currency.
The team behind YPRED has raised more than $3.375 million in its presale phase, which will be used in funding its roadmap. Currently, the yPredict token is going for $0.1 per token, and the listing price will be $0.12, which gives early investors good returns.
Please visit yPredict here for more information on how to participate in the presale.
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