A Technical Look at Hive Gaming Tokens

It's time to examine gaming tokens that are on Hive Engine.

Hive has several different games built on its blockchain and features a number of gaming associated tokens on Hive Engine and part of getting the most out of this experience is to maximize earnings by becoming involved with each of these projects. There are multiple ways to become involved without even playing the games. One such way to get involved is to simply trade the tokens on Hive Engine and it may be a good idea to examine how these tokens are performing from a technical analysis perspective on daily charts.

None of the below is investment advice, it is just an examination of technical indicators.

MuTerra - MUT

MuTerra can be best described as a post-apocalyptic twist on Pokémon and it incorporates NFTs into the game in order to help with the progression of the game and earning from the game.

MUT was at a higher price back in January 2023 and it has fallen off over time with the occasional pump, but generally speaking this is a token that has been going for roughly .14-.24 HIVE for much of the last few months.

MACD

What did the MACD tell us here? The MACD line jumping off the signal line in late March when it was showing signs of potential bearishness was a fakeout that led to a 33% jump in price. MACD was not able to sniff out the pump in advance and it was not able to give any clear direction to traders about the return back to earth for the price of MUT. Presently the MUT price is indicated to be ranging and the sentiment is slightly bearish.

Relative Strength Index (RSI)

The RSI (14 period) is not giving any strong indications here either, it is clearly in a ranging phase as the RSI hangs around the 50 line giving no strong oversold or overbought sentiment.

Slow Stochastic

The Slow Stochastic is presently in the Oversold Zone and could eventually have a bullish crossover, but it is an indicator that has struggled to be a strong predictor of anything.

General Takeaway: Ranging with a bearish bias.

Wrestling Organization Online - WOO

In late March, WOO jumped up in price in anticipation of a promotion with MuTerra to purchase a limited edition card for as much as 92% off the regular price. The price is ranging around the .0006 Hive level.

MACD

The MACD line is below the signal line and the bearishness is not pronounced. The histogram does seem to be hinting that a bullish move may be around the corner, but the magnitude is unknown.

RSI

The RSI is below 50, but it is also above 45. This is a ranging token and there's no indication that this token is going in any particular direction.

Slow Stochastic

After a massive downward move against Hive on April 25, WOO recovered and the recovery is a bit overstated in the Slow Stochastic. Currently, the price is in the Oversold zone and there has been a bullish crossover, but there are so many of these for WOO, it is very hard to tell.

General Takeaway: Ranging with a neutral bias.

Genesis League Sports Governance Token - GLX

The most infamous token of them all is GLX. It is a coin that has proven to be a source of price manipulation as evidenced by the Pump & Burn Scandal. The price of GLX has fallen over time and is presently ranging.

MACD

There might be a bullish bias presently, but the histogram is getting closer to the zero line on the MACD. This could be headed downward.

RSI

The RSI line has been below 50 ever since the Pump & Burn Scandal. If the RSI falls below 24.48, it will be an extremely bearish event because the last two troughs show a rising RSI.

Slow Stochastics

The Slow Stochastic fell into the Oversold Zone and there was a bullish crossover, so there's a possibility that there could be a bullish movement.

General Takeaway: It's neutral and ranging, there are conflicting indicators here.

Terracore Scrap Token - SCRAP

This is the classic initial hype dying off pattern. The price has been ranging for the past two months. So this is a neutral sign.

Rising Star Promoter - STARPRO

The price movement upward for STARPRO is impressive in such a short period of time. There's an obvious bullish movement, but lately the volatility has risen.

MACD

Conditions have turned bearish on the MACD for STARPRO. This may be a good time to unload, it is not a good time to buy yet.

RSI

The divergence between RSI and the price shows that there would be a bearish downturn out of the Overbought Zone.

General Takeaway: There's a bearish bias here with STARPRO.

Splinterlands Chaos Legion Packs - CHAOS

These tokenized packs on Hive Engine have been falling in price and even hit All-Time Lows against the United States Dollar a few days ago.

MACD

It would appear that the possibility that CHAOS tokens rise exists since the downward pressure keeps weakening. It is a market environment that is asking for a sharp reversal.

RSI

RSI is in the Oversold Zone, which points to the idea that this could be a good time to buy. If it exits the Oversold Zone (crosses 30), Chaos Legion packs could be poised for some appreciation and that would be welcome news for Chaos Legion card owners. There is a bit of an oversupply out there for Chaos Legion cards.

Slow Stochastic

At these levels, it is possible that the Chaos Legion price rises. Consider that the price is clearly oversold and there's not enough downward momentum. Does this mean the packs are necessarily going to be the best assets to flip? Certainly not, it could mean a revival for the battered Chaos Legion cards, especially of the Gold Foil variety.

General Takeaway: Prices may have hit bottom and an upward movement is being strongly hinted at by indicators and the chart itself. The loss of bearish momentum is evident.