YGG/USDC - YGG confirmed a new mid-term bullish trend
Market & Ticker: Yield Guild Games – YGG/USDT
Date: 07/08/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
YGG surged in the last past two weeks and raised the interest of investors. However, the technical picture and the token distribution are calling for caution on current level. In this analyze we defined two key levels to watch at 0,30 as tactical support to watch for a direct bullish continuation of the trend in progress while 0,70 Is acting as a near-term key resistance to break to confirm the direct rise.
As long as 0,30 remains a tactical support valid we expect a consolidation phase in range (Blue arrow) before any further direct bullish move above 0,70 – once 0,7 is bypassed YGG will start an acceleration towards 1,9750.
How Many Yield Guild Games (YGG) Coins Are There in Circulation?
In the last 24 hours, Yield Guild Games has had a 9.61% increase in value. With a current market capitalization of $151,079,527, the current CoinMarketCap ranking is #257. YGG coins are now in circulation in 74,275,864 units, with a maximum supply of 1,000,000,000 units.
To support the YGG community, the gaming startup has set aside 45% of a total token supply of one billion tokens.
👉 (CAUTION) The tokens will be distributed gradually over four years, according to the business. In addition, about 40% of the tokens will be distributed to investors (24.9%) and founders 15%), with the remaining 15% going to the company’s treasury and advisors
Technical Key Elements:
- RSI indicator is in overbought area = RIsk of consolidation
- The Moving average are acting as support after having shaped a golden cross – support at 0,2230
- Fibonacci key support is adjusted at 0,30 while the Elliot wave shows upside potential towards 1,9750
Trade Idea conclusion: Buy - Conviction:
 | | Medium |
Target 2: 1,9750
Confirmation level:
Buy: add in dip area 0,39
Stop: 0,33
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
YGG confirmed a new mid-term bullish trend
