GODS token is attempting to break out and close a weekly candle back above $1 to reclaim that previous support level from earlier in 2022.
The GODS price now is approximately $1 with an intraday range of $0.70 – $1.40 and a current weekly high of $1.50. The weekly candle will close in around twelve hours.
Today’s 30% pump for GODS token, coupled with Bitcoin’s return to $30,000, should result in a strong bullish green candle closing this week that engulfs the prior several weeks of bearish price movement.
What is Gods Unchained (GODS)?
Fans of NFT trading card games will be familiar with Gods Unchained – a digital trading card game developed by Magic the Gathering’s former game director.
It uses the ERC-20 token GODS as its native currency, which can be used to create NFTs and make in-game purchases – and GODS coins also have a value of their own, recently listed to buy and trade on Bybit exchange.
Related: GameFi Projects, Crypto Gaming Resilient in Bear Market
Gods Unchained Price Prediction
GODS coin has already retraced around 97.5% in total from the December 2021 GODS all-time of $8.90 to its 2022 low of $0.22. A large part of that correction is a result of BTC and ETH entering a bear market since the $69,000 and the $4,800 levels.
Bullish Case for GODS
Play-to-earn cryptos have shown they can decouple from Bitcoin and go on explosive bull runs when they’re trending and popular with players – as Axie Infinity (AXS) showed with a 1660x bull run in 2021.
Last month P2E and NFT-related coins like APE and GMT outperformed the rest of the crypto market before finally correcting – mainly due to panic selling over the Terra (LUNA) crash and Tether FUD.
This week’s crypto games platform Lucky Block (LBLOCK) was one of the biggest gainers and put in a 90% intraday price move.
Is GODS token next? Will Gods Unchained go up in 2022? Even if there is further downside, in the short term it could at least see some mean reversion to retest the $2 area – which would be double its current price point. The GODS price today is above the diagonal trendline on the weekly price chart.
The GODS market cap today is only $22 million – back at a low valuation, ranked #604 on Coinmarketcap. Low cap cryptos can pump easier than mid-caps.
Fundamental Analysis
Technical analysis aside, GODS is pumping ever since their announcement to add royalty fees for Gods Unchained NFTs listed on OpenSea and other secondary NFT marketplaces.
That rewards creators, and the developers also announced the GODS staking pool will receive part of the royalties. That adds an incentive to buy and stake GODS and is a way to make the GODS ecosystem more sustainable.
The Gods Unchained game is partnered with Coinbase, Galaxy Digital, Nirvana Capital, and other investment funds, so it likely isn’t going away anytime soon. The website states its community of players numbers over 307 million.
Gods Unchained is an interesting crypto gaming and NFT project, you can read about the tokenomics of $GODS on godsunchained.com and how it works with the Layer-2 Immutable X blockchain.
Immutable X (IMX) is also on Bybit and is up over 10% today.
Bearish Case for GODS
Only 5% of the GODS circulating supply is unlocked. Today 23.6 million GODS tokens are in circulation out of a total supply of 500 million GODS.
The Gods Unchained price has been in a clear bear cycle for almost six months, traders might want to ‘wait for confirmation’ which here would be several weekly candle closes above the $1 support level, which would also mean a green monthly candle close for May 2022. Then continuation to the upside would be more likely over the rest of the year.
The GODS pump this week could be a short squeeze and end up as a bearish retest of the $1 level if previous support is flipped into new resistance. It also has already pumped in 2021.
Where to Buy GODS Now
Gods Unchained token is listed at several crypto exchanges:
Gods Unchained is not on Binance yet which some would argue is a reason to buy GODS – in anticipation of a Binance listing pump. It’s also not yet on eToro.
GODS pumped to its current ATH in December 2021 when it was listed on Coinbase.
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.
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