10 Feb 2022

Bitcoin, Sandbox and Gala games Market Analysis from the past week.

Market Analysis from the last week of the most influent markets in the cryptocurrency world.

BTC/BUSD Market

Bitcoin is continuing with its positive momentum after closing January on a positive note, bouncing from the support level around $39k, and reaching the upper support around $43k. It is currently entering the range of $45k-43k which also coincides with the 50EMA, a first key level that needs to be regained in order to move to higher prices.

The 20EMA and 50EMA have already proven in the past to be key levels for bitcoin, especially on high timeframes, as price tends to bounce over these levels, or if below, it tends to come back above it in the following weeks. Currently, as BTC is approaching the 50EMA, it could either reject this level or consolidate above it. Either scenario has major implications for the first quarter of this year. If this level gets rejected, it's likely to see Bitcoin price head back towards the $39k range, being the lower support. On the other hand, if the price manages to consolidate above this moving average, it's likely to either lateralize or head straight back towards $51.8k.
BTC/BUSD weekly candles chart with supports and resistance
BTC/BUSD weekly candles chart with supports and resistance
On lower time frames, such as the daily, until Bitcoin USD heads upwards or downwards, prices are likely to see a lot of volatility, and fakeouts in either direction. Prices tried to head back above the $45k range but couldn't hold for long and got rejected. If the support level around $43k holds, it's likely to see BTC range between this level and $45k. This would be positive, as following this ranging period it is more likely to head upwards.

Currently, Bitcoin, Ethereum, and other major cryptocurrencies seem to be correlated, meaning that a spike in BTC will likely pull the whole market up with it. The same can be said for the opposite, where a drop is likely going to result in further loss in total market capitalization due to the high correlation between coins.

Bitcoin price prediction would suggest that if prices manage to consolidate above the $45k level this week, more upwards movement is likely to occur in the following weeks. There is still a lot of uncertainty, and prices would have to close above both the 50EMA and 20EMA. However, with the positive momentum that BTC is currently experiencing, this seems to be the most likely

Relevant BTC News

In recent news regarding bitcoin and blockchain, Google CEO, Sundar Pichai announced that the company is looking into how it can use blockchain technology for web3 and broader applications. The CEO stated how "As a company, we are looking at how we might contribute to the ecosystem and add value", looking to broaden its services and applications.
This comes as a response to other major tech companies, like Facebook (Currently Meta) that have already started developing within this realm. Facebook stock took a major hit in recent days after spending more and more to develop web3 and metaverse applications, whilst its user base and revenues fell for the first quarter ever. Meta stock fell over 30% following the disappointing quarterly earnings and is hoping that its metaverse bet will turn out to boost its revenues in the near future.

SAND/BUSD Market

The Sandbox, also known as SAND, has had a positive few days following its price crashing to as low as $3, a move that followed prices trying to re-reach ATHs but failing. The move was unexpected as the main support around $4.7 failed to hold, and prices fell as low and two supports below, reaching the $3 mark. The previous support, around $4 did not hold at all and prices fell straight through it, reaching levels that matched the 200EMA levels on the daily chart.

Following the crash, SAND USDT price has recovered and is looking more healthy, moving upwards and over the resistance level around $4. This was an initial move that shows a positive outlook for SAND coin, suggesting that it could move further up towards the next resistance level around $5.50. As seen in the past few weeks, the moving average levels seem to be quite strong for SAND Crypto, as the drop and bounce were on the 200EMA. This suggests that the next few moving average levels should be monitored closely. Since its bounce, SAND has already moved above the 20EMA, 50EMA, and 100EMA, suggesting a recovering and bullish outlook.
SAND/BUSD daily candles chart with supports and resistance
SAND/BUSD daily candles chart with supports and resistance
For Sandbox price to look extremely bullish, the current resistance level around $4.7 needs to be regained, and prices need to range above or lateralize over this level. This level could still be rejected and prices could continue the downward trend. However, if the momentum is kept and prices continue to move upwards, and over this level, it's likely to see a change in trend and SAND testing key higher resistances.

Sandbox price prediction would suggest a continuation of the move upwards, with prices retesting the downward trend and key resistance level around $5.5. This will be the last main resistance level before prices push back towards ATHs. If this level is regained it's likely that SAND will make new ATHs by the end of this year.

The Sandbox (SAND) news

In recent news regarding the Sandbox, Switzerland-based crypto games developer, EverdreamSoft, announced the launch of its public sale of exclusive premium virtual land via the Sandbox. The public sale will start on February 10 and will include a 6×6 plot of land around the EverdreamSoft Estate where users will receive an NFT following their purchase.
Similarly to competitor Mana, Sand is pushing for its own Sandbox metaverse. With this sale, members will be able to own a piece of land in the metaverse, as well as bonus NTFs, with complete freedom to use them and pass them on as they wish.

GALA/BUSD Market

GALA coin has been a really interesting coin, being among the top performers last year mainly due to its applications in the metaverse, before having a 75% retracement over the last few weeks. After launching in late September 2021, GALA price moved sideways for a few weeks, before skyrocketing to over $0.75, reaching over 3600% from its original launch price.

However, after reaching this ATH in late November, prices gradually started crashing, first, falling around $0.5, before dropping further to below $0.18. This was a massive drop that saw most of the yearly gains be nullified. Once prices reached the $0.38 around one of the strong support levels and didn't hold, a further drop was inevitable, and as the $0.3 support was a weak one, prices fell all the way to $0.156.
GALA/BUSD daily candles chart with supports and resistance
GALA/BUSD daily candles chart with supports and resistance
Ever since prices have recovered and are looking much more positive. The initial move in late January saw the coin, also known as the GALA games crypto, regain some momentum and rise to the support level around $0.3. This was the first significant level, but as a weak resistance level prices broke straight through and went directly to the $0.385 resistance. Currently, they are still at this level and whether they will range above it or get rejected is still to be determined. If the level gets rejected, it's likely to see the $0.3 support being retested. On the other hand, if prices manage to break above this level and hold, perhaps by lateralizing, it's likely that in the following weeks we could see GALA pushing back towards the next support level around $0.51.

GALA Coin prediction would suggest a continuation of the current trend, either with a rejection at the current level, followed by a continuation of the upwards trend after a minor correction, or prices just breaking through the current resistance level and heading straight towards the next level around $0.51. Whilst which scenario is going to occur is still uncertain, both suggest upwards movement and positive gains over the next few months for Gala.

Gala games (GALA) news

In recent news about Gala games roadmap, the company has continued the development of its Gala games nft by minting additional realms, skins and expanding the games that it supports. According to their Gala games wiki and own game store, GALA has 10 games where users can play and earn rewards, as well as own, buy and sell NFTs.
The network even allows you to own your own Gala node and create your own game in this ecosystem. This is similar to other crypto projects, such as Basic attention token (BAT), where users are rewarded for a specific task such as participating in a game or using a browser. According to Gala's twitter, more games and updates are coming soon, with many sales of NFTs and other collectibles currently ongoing on the site.
BTC/BUSD, SAND/BUSD, and GALA/BUSD are available for trading on yanda.io dApp, together with hundreds of different market pairs.

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Author: Matteo Poole
info@yanda.io