-
Metacade price has pulled back slightly in the past few days.
-
The token has numerous catalysts in the coming days.
-
A break and retest pattern could see it rise to the key point at $0.30.
Metacade price has started to turn around the corner after pulling back to $0.01592 in June this year. MCADE rose to a high of $0.028 on Thursday, the highest level since May 10. This price was about 65% above the lowest level this year.
Bullish catalysts for MCADE
Metacade, a new and rapidly-growing cryptocurrency, continued rising as buyers focused on internal and macro catalysts. Broadly, the biggest catalyst for the token is the decision by the House of Representatives to pass a bill to expand the debt ceiling. The bill will see the US cap spending and implement some fiscal measures to reduce the deficit.
Economists believe that the US would have defaulted if it did not pass the deal by June 5. That would have been an unprecedented move that would push most assets, including cryptocurrencies like Metacade and Bitcoin prices much lower.
Internally, Metacade price has jumped because of several important catalysts in the network. First, the developers are planning to launch the lite version of the game soon. This launch will see people get their first look of what the company is working on. In most periods, cryptocurrencies rally ahead of a major product launch.
Second, Metacade will launch Metaseries on Thursday. This will be a video series where the developers talk about the product and what they are working on. Such a video series is important because it provides more people with information about the product.
1️⃣ DAY UNTIL THE METACADE METASERIES🎉
Only 1 more day until Metacade CEO, @learncrypt0 will be presenting episode 1 of our new Metaseries🔥🙌🏼
🔗BE READY HERE: https://t.co/xC1Kdgxmse pic.twitter.com/XQPGnJx86X
— Metacade 🎮 (@Metacade_) May 31, 2023
Meanwhile, the developers presented the fifth award of their $125k competition. Joaquin Solari was the fifth winner of $12.5k in a competition that is ongoing. Such competitions help to provide more traction to a crypto project.
Is MCADE a good investment?
Metacade has made a lot of progress in the past few months. As a result, Etherscan data shows that the number of holders has jumped to over 9,250, signaling that it will hit 10k soon. This is a remakable experience because Metacade is a relatively new project.
Metacade developers are seeking to change the blockchain industry by developing a game that people will want to play. The play-to-earn game is being developed in collaboration with Metastudio, one of the leading developers out there.
According to Metacade creators, they are using the lessons learnt from first-generation gaming projects like Axie Infinity and Decentraland to build their ecosystem.
I believe that Metacade is a good investment but this will depend on the quality of the game that the developers launch. If it will be a good game as predicted, there is a likelihood that token will continue surging.
Metacade price prediction
The chart above shows that the MCADE price has been in a strong bullish trend in the past few days. It has managed to move above the key resistance point at $0.024, the highest point on May 17th. The token is being supported by the 50-period moving average.
Therefore, I suspect that it will soon form a break and retest pattern, by dropping to a low of $0.024. In price action analysis, this break and retest is usually a bullish sign. Therefore, I believe that the token will bounce back to $0.030 in the coming days.