Gambling brands like ENJ are no longer chasing Bitcoin?

As of late, Bitcoin has remained pretty complacent around the $ 60,000 mark. After the price of the world’s largest crypto hit a new high last Wednesday, it fell below this psychological threshold on the 27th. In fact, at the time of this writing, it was trading at $ 58,919, down 4% and 11% from the daily and weekly periods, respectively.

Along with Bitcoin, most of the other tokens in the market also fell on the chart. However, tokens can still hold near the highs. At the time of writing, the top 10 game tokens have positive weekly returns and are up 2-101%.

Trigger factors

Until recently, most of the above coins exclusively followed the broader market trend. But now a few other factors play a role in their peaks.

The level of improving indicators is an important factor that cannot be ignored. To measure a broader sentiment, the article analyzes the status of four prominent game tokens: AXIE, SAND, VRA, and ENJ.

For example, the deposit transactions of the first 3 coins have been lower so far. This metric shows the number of all incoming and outgoing transactions related to the token deposit address on a daily basis. The spike usually indicates short-term selling pressure and vice versa.

Taking into account the current steady state, it can therefore be assumed that HOLDer will not actually sell at this point in time.

The source: mood

ENJ’s indicators are also starting to forecast bullish signs. For example, daily active address deviation (DAA) with price. Looking at the Santiment chart, this indicator predicts a bullish signal since October 25th.

The DDA price divergence model tracks the relationship between the price of a coin and the number of daily active addresses that interact with that coin. A buy signal occurs when the DAA divergence increases with the price. Conversely, if the number of active addresses decreases during an uptrend, selling pressure builds.

ENJ started an uptrend on a chart showing a healthy state of active addresses. In fact, the environment is quite favorable to sustain the ENJ rally.

The source: mood

The MVRV rates for all 4 tokens have also increased since the beginning of October, which means that investors are earning more than usual in the market at this point in time.

The source: mood

What role does the stream ban play?

All game tokens are generally bullish at a time when BTC and the broader market are in the red. Feels a little weird, doesn’t it? At this point, it’s important to note that Steam, a popular digital gaming platform, recently banned all games that offer crypto / NFT exchanges. Obviously, GameFi gamers are not getting good news.

To a fair degree, it can be argued that the price movement of these tokens is like a revolt against Steam’s ban on blockchain-based games. Again, nothing can be said for sure, but the steam factor cannot be ruled out.

While these tokens are on the rise at press time, they can be subject to broad market trends at any time. However, with a healthy state of the indicators, the game token can rise faster than the rest of the altcoins.

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Minh Anh

According to AMBCrypto

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