A Trader Predicts a Rally for Yield Guild Games (YGG)
A popular trader, The Flow Horse, believes that Yield Guild Games (YGG) is gearing up for another round of rallies. YGG, the native asset of a play-to-earn gaming DAO, experienced a significant increase in value at the start of August. However, it has since given up most of its gains and is currently trading at $0.33. The Flow Horse remains bullish on YGG and predicts a bounce in an effort to test its previous support as resistance. He expects the altcoin to reach the $0.532 level, representing an increase of over 61%. However, he also warns that this rally will likely be short-lived.
Key Points:
– YGG rallied from $0.18 to $0.75 at the start of August, but has since dropped to $0.33.
– The Flow Horse believes that YGG is setting up for a bounce to test its previous support as resistance.
– The trader predicts a rally for YGG towards the $0.532 level, indicating a potential increase of over 61%.
– However, The Flow Horse warns that this rally will likely be short-lived.
– He also believes that a crypto bull market is not in sight, unless the Federal Reserve cuts rates and regulators approve a Bitcoin exchange-traded fund.
Hot Take:
Yield Guild Games (YGG) has shown promising growth in August, but it remains to be seen whether it can sustain its momentum. The Flow Horse’s prediction of a rally for YGG is exciting, but his warning about the overall crypto market is a reminder that there are still challenges ahead. As a crypto reader, it’s important to stay informed and cautious about the potential risks and rewards of altcoin investments.
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