Key Takeaways
- PIXEL’s value surged 1,000% after Binance listing.
- PixelVerse aims to be the virtual interaction Google.
- Pixel’s game transition to Ronin has boosted its player base.
Binance added PIXEL to its Launchpool, making the project the 46th one on the platform, on February 8, 2024. PIXEL, a social Web3 game on the Ronin network, will be available for users to earn through staking BNB and FDUSD in designated pools starting on February 9, 2024.
This move saw PIXEL’s value surge by 1,000%, indicating a strong market response. The token was hovering around $0.00055 and spiked to $0.0065 at its peak. However, it fell to $0.002 and was, at the time of writing (February 8 2024) was traded at $0.0043.
Was this only the reaction to the listing, or was it foreshadowing more gains?
What is PixelVerse?
PixelVerse aims to revolutionize virtual interaction, positioning itself as a go-to platform, akin to Google. It encompasses various innovative features:
- PixelClout – a platform designed for content creators to expand their community and monetize their content.
- PixelNFT – offering a cutting-edge NFT marketplace across multiple blockchains.
- PixelHouse – tailored for both casual and professional gamers with a gaming and NFT ecosystem.
- PixelSwap, a unique DEX dedicated to NFTs, introduces the pioneering concept of NFT mining,
- PixelLaunch – a launchpad focusing on metaverse and gaming projects.
Together, these elements form PixelVerse, a metaverse designed to provide a Disneyland-like experience in entertainment and content for users worldwide. But what brought more interest was the Pixels web3 game.
Pixels is a web-based open-world NFT game that blends farming, adventure, and pixel art
The Pixels project has transitioned from the Polygon blockchain to Ronin, which Sky Mavis, the creator of Axie Infinity, developed. This move has proven beneficial, as Pixels now boasts over 100,000 daily players due to the switch.
PIXEL token is an in-game cryptocurrency initially distributed by an airdrop for the users who played the game from January 19, 2024.
PIXEL Price Analysis
Upon its market release, the price of PIXEL started a downtrend. From its starting price of $1.38 in November 2021, it fell by 99.99% to a low of $0.0.00017 in November 2022. It started a long-lasting consolidation phase, forming a horizontal zone between $0.00017 and $0.00070.
On February 8 2024, it finally broke above the zone, indicating the start of a new bull phase. A parabolic increase brought the price to $0.0065 at its peak, returning to $0.002, and then back over $0.005.
Even though we have price data from 2021, it is still limited, as we only saw the price fall until it reached its bottom. However, this known pattern, called cup and handle, usually results in more substantial moves upon completion.
The latest spike is definitely an overreaction, causing extreme overbought conditions. As the first uptrend is completed or near completion, we can expect an equally strong decline for its first bull market correction.
Zooming into the five-minute chart and examining the wave structure, we can see that the price is currently its ending wave. It could continue pushing the price past its last high, but it doesn’t look like it has more room to go.
More likely, we will see its retest before a three-wave correction starts. If true, our next target would be at the 0.618 Fibonacci retracement level at $0.0014. Currently, on Gate.io trading pair PIXEL/USDT, the order book shows an increase in the seller’s presence at $0.0055.
That might change, but the fact that these orders are here now provides an insight into investors’ interest in selling and locking in some profits.
Conclusion
In conclusion, since PIXEL is sitting at 2,476th place of cryptos by market cap, it still sits in the background among small-cap cryptos. But with today’s rise and Binance listing bringing attention, the token could embark on a journey to position itself highly among other GameFi projects.
Pricewise, February 8’s spike has, most likely, ended. From the next move, we will see if there is a potential for it to go further up. We are awaiting a correction phase, so if it does come true, PIXEL could be sent into a sustainable surge.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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