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- 1 The PIXEL crypto price is in the bearish mode, trading below the key moving averages.
- 2 The crypto is down by almost 39.15% in the last week, demonstrating the weakness in the price.
PIXEL is a digital currency that serves as the linchpin for a socially-driven web3 game on the Ronin Network. It debuted as the 46th initiative on Binance Launchpool, inviting participants to stake BNB and FDUSD for PIXEL token farming within a set timeframe. With its dual presence on Ethereum and Ronin blockchains, PIXEL exemplifies adaptability and seamless integration across diverse blockchain environments.
As a virtual asset, PIXEL transitioned from Polygon to Ronin, anchoring an interactive gaming platform that leverages Ronin wallets for user engagement. It fosters a player-centric ecosystem with a strong focus on asset ownership and marketplace dynamics, cementing its status in the blockchain gaming landscape.
The inception of the PIXEL project is credited to a team under the guidance of Luke Barwikowski. This collective brings together a spectrum of talents and backgrounds, reflecting a concerted effort in the conception and introduction of the PIXEL experience.
PIXEL Price Analysis VS Volume Analysis
The PIXEL price is trading below the 50 and 30 moving averages. The volume and price graph shows that the trading volume has decreased in the last few days, and the price has also declined. In the last few days, the price has gone down significantly. Hence, the price is expected to go down in the long term.
PIXEL Crypto Social Dominance vs Social Volume Analysis
The graph of social dominance and social volume shows that awareness and interaction on social media like X, Instagram, and Telegram have decreased, which has negatively impacted the price. The next momentum of the PIXEL crypto price may depend upon social dominance and social volume.
Technical Analysis of The PIXEL Crypto
On the technical chart, PIXEL Crypto displayed seller strength. Additionally, the cryptocurrency is trading below the major EMA, suggesting further weakness. The RSI curve is hovering around 37, which is an oversold zone, and has a negative outlook, implying bearish sentiment in the cryptocurrency. The MACD indicator has formed a red band and a bearish crossover, indicating a corrective move.
Furthermore, the relative strength index (RSI) has revealed a bearish outlook, trading below the middle band, indicating an increase in selling pressure compared to buying.
Given the current situation, traders and investors should remain calm and wait for a clear break above or below the range before making any decisions. It is essential to avoid the fear of missing out to minimize losses.
Summary
PIXEL is a digital currency listed on Binance Launchpool and used in a web3 game on the Ronin Network. Its price has been declining and is expected to continue to do so in the long term due to decreased trading volume and social media activity. Technical indicators suggest sellers are in control and the market is oversold, indicating a bearish sentiment. Traders and investors should remain patient and avoid making hasty decisions until a clear trend is established.
Technical Levels
Support Level: $0.3500
Resistance Level: $0.5200
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
