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, was available for users to earn through staking BNB and FDUSD in designated pools starting on February 9, 2024.
This move saw PIXELVERSE’s value surge by 1,000%, showing 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) traded at $0.0043.
Yesterday, February 19, Binance listed its in-game currency, PIXEL. It started at $0.04 and quickly spiked to $0.60 on listing, climbing more than 1,300% in the first few minutes.
PixelVerse aims to revolutionize virtual interaction, positioning itself as a go-to platform, akin to Google. It encompasses various features:
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 is an in-game currency in Pixels, similar to GEMS in Clash of Clans. It can purchase items, upgrades, and aesthetic improvements that are not essential for game progression. The purpose of PIXEL is to enhance player experience by providing benefits like saving time, elevating social status within the game, and increasing enjoyment. However, it doesn’t contribute to future earnings. The focus is on creating a fun gaming environment where PIXEL enhances the experience without detracting from the experience of others.
The utility of PIXEL spans several in-game features, including memberships, realms, guilds, and pets. Additionally, PIXEL can help accelerate construction times, boost energy, acquire special items for land decoration, unlock new skins, enhance XP and skills, discover new crafting recipes, and buy merchandise in real life.
PIXEL started with a price of $0.04 and quickly spiked to $0.60. After falling back to $0.46, it proceeded to make a new high of $0.70, , but again made a downturn and started moving sideways.
A slightly ascending channel formed afterwards, with the price interacting with its support. As a result, the 50-day SMA is signaling a downtrend, as the price trades below it. However, a further rise could occur if we now see a bounce from the ascending support.
Now, PIXEL will likely continue looking for support and resistance, especially considering the initial rise. With limited price data, this means we are looking at the five-minute chart showing weakness.
The initial momentum has stopped, with this sideways range forming a symmetrical triangle. As the price now approaches its apex, a breakout is but, as with the symmetrical triangles, the direction is still not clear.
After the next move, we will have a clearer picture on the future outlook, as if we see a breakout to the upside, uptrend continuation would be more likely. On the other hand, if it makes a breakout to the downside it could set PIXEL into a larger correction.
In conclusion, since PIXEL is sitting at 147h place of cryptos by market cap, which is a high spot considering its recent release. 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.
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.