Defying the broader market correction, Web3 Gaming recorded a substantial inflow since last week. While most major altcoins followed Bitcoin correction, gaming tokens like Axie Infinity and Sandbox price showed resilience, projecting their potential for higher rallies.
Key Highlights:
- Arthemis data shows the crypto gaming sector recorded significant growth amid the recent market correction.
- A Sandbox price is 40% to challenge the key resistance of the double bottom reversal pattern.
- The Axie infinity price shows a long accumulation phase with a potential breakout in the near term.
Blockchain GameFi Sector Sees Renewed Interest
According to Artemis, the Gaming sector in the Web3 space has shown impressive weekly growth, registering a notable 29.3% increase. This positions it as one of the top-performing categories alongside Staking Services (27.3%) and Data Availability (53.4%).
The sector’s performance is well above the average market gain of 17.9%, highlighting renewed investor interest and potential bullish momentum in blockchain-based gaming projects.
As per Coingecko data, the Gaming (GameFi) Coins market cap is $25.4 Billion, with an intraday gain of 4.2%. Moreover, the 24-hours trading volume holds at $5.59 Billion.
Sandbox Price Analysis: W-Pattern Points to 75% Upside Potential
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In the past three weeks, the Sandbox price showed a notable increase from $0.223 to $0.86, registering a 288% growth. This recovery in the daily chart shows the formation of a double bottom reversal pattern, with a neckline at $0.82. The chart setup resembles a ‘W’ letter and is spotted at the bottom for a downtrend.
Amid the current market correction, the SAND price trades at $0.59 and holds a market cap of $1.4 Billion. If the pattern holds true, the Sandbox price could rise 40% before offering a decisive breakout from the neckline.
The post-breakout rally could drive the asset 75% up to hit $1.44.
Axie Infinity Price Poised for a Major Trend Change
Since September 2022, the Axie infinity price has traded sideways, resonating within two horizontal levels of $13.7 to $3.9. While consolidation projects no dominance from buyers or sellers to lead the asset, the recovery in momentum indicator RSI (Relative Strength Index) shows building bullish momentum.
Similar to the Sandbox price analysis, the accumulation trend has pushed the AXS price from $4.26 to $7.46, accounting for a 74% surge. If the buying pressure persists, this gaming token is poised for 80% before challenging the key resistance of $13.7.
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A potential breakout from this resistance will signal a major trend change in Axie infinity coins.
