- The Flow Horse predicts a substantial rally for Yield Guild Games (YGG) after a recent correction.
- Despite potential YGG gains, the overall crypto market shows no sign of entering a bull phase.
Yield Guild Games (YGG) on the Rise?
A renowned trader, going by the pseudonym “The Flow Horse” – once identified as Cantering Clark – has caught the crypto community’s attention with his forecast on Yield Guild Games (YGG). With a following of 180,900 on platform X, his analysis carries considerable weight.
YGG operates within the realm of play-to-earn gaming as a decentralized autonomous organization (DAO). For those less versed in blockchain terminologies, a DAO operates like a corporation run by code, removing the need for any centralized control, and making decisions based on its stakeholders. YGG’s native token saw an impressive spike from $0.18 to $0.75 at the beginning of August, translating to a staggering 316% growth. However, as is often the case in the volatile crypto world, YGG retraced much of its ascent and currently sits around $0.33.
The Flow Horse’s optimism towards YGG, even post-correction, stems from his prediction of the altcoin rebounding to retest its earlier support levels. Analyzing patterns from DWF Labs – which market makes for multiple coins – he notes that similar coins are starting to rally again. His projection places YGG rallying to approximately $0.532, indicating a potential 61% increase. Yet, this rally may be fleeting. The target he sets interestingly hints at a bearish lower high configuration, a pattern that suggests that the upward trend might not sustain.
Yet, a word of caution for crypto enthusiasts: The Flow Horse doesn’t foresee an overarching bull market for cryptocurrencies anytime soon. He aligns with the notion that without initiatives like the Federal Reserve slashing rates or the regulatory green light for a Bitcoin (BTC) exchange-traded fund, the broader crypto sector might not witness significant bullish movement.
