First week of April leaves us with corrective movements in the assets with largest capitalization of the crypto market, BTC and ETH, after the upward impulses they made in the last weeks of March. On the other hand, the dominance of BTC leaves us with an upward rebound movement from the 41.40% support, after fulfilling the full objective of the double top figure that we commented on in the posts of recent weeks.
Despite this upward momentum in the dominance of Bitcoin, we have seen several tokens that did good results since the beginning of the month, as is the case of PYR, the Vulcan Forged token that we are going to analyze next, or CELO that rose 50% in the first 5 days of the month and that we analyzed a few weeks ago in the same space. You can find the link from the post below.
Vulcan Forged is a Blockchain game studio and NFT marketplace. They are the creators of the VulcanVerse, a Greco-Roman fantasy metaverse made up of 10,000 plots of land. PYR, your native utility token is used to pay for network fees, to upgrade and maintain levels of in-game assets as a reward for winning by playing. It is also needed to purchase plots and other assets in your metaverse.
In addition to VulcanVerse, the Vulcan Forged ecosystem has a market for NFTs without gas (Vulcan Market) where users can trade NFTs from different platforms such as Anvil, an NFT engine without cryptography or gas fees that facilitates the incorporation of games and dApps, Bersek an online NFT TGG or Frenzi, a tournament platform to create your own platform with PYR as a reward token.
From a technical point of view the PYR token had a great growth in 2021, going from trading at $3 at the end of May to $49 where it fixed its ATH in December and from there it has corrected in recent months until finding support at 7$.
During the month of February we saw the price of PYR move in a range between $15 and $8, creating short term bearish guideline that was broken at the end of March and that gives rise to the movement that we are going to analyze next.
If we enlarge the image we can see how on March 19 the price managed to get out of this guideline generating an upward momentum that causes the RSI to cross upwards to the 70 zone. This momentum also leaves us with a significant increase in trading volume, which gives credibility to this movement.
From the moment of the breakout the PYR price went from $9 to $19.80 in 15 days, generating a higher high than the previous one creating this formation of a possible trend change, which would have to be confirmed by leaving a higher low than the previous one in the following weeks.
In this zone close to $20 the price has found resistance (it was already a zone of confluence of orders in December, when it acted as support) and has generated a pull-back to the broken guideline during the first days of April.
Prior to this price increase, our social volume tool created by the AI division, Subutai, had already marked us with a significant increase on 03/15. From that moment on the social volume of Vulcan Forged increases progressively in correlation to the increase in the price of PYR.
In this chart we can also see how the social volume deflated in the last week, just in this pull-back movement after breakout.
We will have to pay special attention in the coming weeks to its evolution and trading volume, since it’s what can confirm the veracity of price movements.
Finally, remember that nothing discussed in our articles can be considered as financial advice, everyone must do their own research and develop their own operating strategy. From the Belobaba Crypto Fund team we only show our investment tools and how they help us in our operations when making decisions.