Is Metacade a good bet in May? All about MCADE price action amid bullish Bitcoin metrics

June 16, 2023 01:25 PM AEST | By Invezz

Is Metacade a good bet in May? All about MCADE price action amid bullish Bitcoin metrics — Image source: Motiur Rahman

MCADE price movement and crypto sentiment

While MCADE trades near its final presale price, it has shown strong momentum moves. The recent price slowdown underlines profit-taking after the token more than doubled in value since the end of the presale. Potentially, MCADE is gathering liquidity on exchanges before price surges to the previous top and beyond.

Crypto sentiment could also have contributed to the slowdown in MCADE. We are yet to get into a bullish crypto market, with the largest cryptocurrency in a state of consolidation below $30,000 for several weeks. However, on-chain metrics show that Bitcoin could be gearing up for a potentially bullish market.

According to RHODL on-chain indicator, Bitcoin is at the position it was at the start of its previous two bullish markets. This isn’t a surprise, as Bitcoin has recently sounded bullish based on several on-chain indicators. It crossed above the 200-day in January and has since remained above the moving average on the daily chart. The moving average is crucial as it is long enough to capture potential long-lasting trends.

Bitcoin turning bullish could ignite interest in lower-cap and newer tokens like MCADE. That’s because Bitcoin is seen as a pacesetter and used as a gauge of the general crypto sentiment. The bullish on-chain indicators mean the positive momentum could flow to MCADE and push the price higher.

Understanding MCADE and its value proposition

Metacade is a Web 3.0 gaming platform. It connects gamers and developers in a single one-stop platform. Metacade is built on the Ethereum network, and this ensures the platform is secure. Users validate transactions by holding and staking the MCADE tokens.

Users can discover the latest Play2Earn games on the platform and earn by competing. Investors also earn MCADE by providing feedback on projects. Developers can obtain financing for their games, allowing them to grow their projects and connect with a consuming community. Metacade investors also contribute to the platform’s governance through their tokens.

MCADE also derives its value from the control of the tokens in supply. The token is deflationary, and there are plans to reduce the supply through buybacks or burns. That has the effect of increasing the scarcity and protecting the value of MCADE.

Metacade also aspires to be a self-sustaining platform. This is important for the platform as gaming platforms have run into problems in the past on financial constraints. Businesses can launch their games through Metacade Launchpad, advertise their goods and services, and list jobs on the platform. They will pay Metacade, with the funds being used to improve the platform. This sustainable business model has attracted investors looking for quality gaming platforms to allocate their resources.

Is it the right time to invest in MCADE?

Crypto prices are driven by value, and Metacade has shown a strong value proposition. The value of MCADE will potentially go higher as it gathers more liquidity and crypto sentiment improves.

From its final presale value of $0.020, analysts had earmarked a 10x price increase. We have witnessed a 2x price increase to above $0.045, meaning we are far below the projected price. With MCADE’s price now near its final presale price, buying now could be the right decision as the token is attractively priced.

The post Is Metacade a good bet in May? All about MCADE price action amid bullish Bitcoin metrics appeared first on Invezz.

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