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Metacade (MCADE) price hit its all-time high above $0.045 on Wednesday, with the token’s value inching higher as buying pressure mounted ahead of its listing on global crypto exchange MEXC Global.

While the outlook for MCADE remains bullish amid various price factors, the token has pared some of the gains since the ATH. Also, although Metacade price is up more than 113% in terms of gains since its debut on crypto exchanges in April, it currently trades at $0.030 after dropping double digits in the past 24 hours.

Bears are therefore threatening MCADE price, but is it time to buy?

Metacade is one of the biggest play-to-earn projects in the GameFi space and its listing on MEXC, a top 15 global cryptocurrency exchange and marketplace, is a highlight of the confidence the market has in the project.

MEXC has over 6 million users across 200 countries, and listing MCADE is set to give the token major market visibility and add to its liquidity. This comes a few weeks after Metacade listed on Uniswap, the world’s largest DEX platform – and on BitMart.

Market experts acknowledge that Bitcoin is in the early stages of a new bull cycle. This means Metacade getting onto the leading exchanges and trading platforms might drive demand for its GameFi token.

Other milestones could be hit soon, including the launch of Metacade Lite, the gaming arcade’s app UX. Users will have an early experience of both Web2 and Web3 games on the platform, bringing Metacade’s goal of connecting gamers, developers and enthusiasts together via the ultimate Web3 gaming hub. 

Partnerships with industry players go beyond exchanges also, with game developers and studios a key part of the ecosystem goals for the Metacade team.

Cryptocurrencies reacted upwards on Wednesday after the latest macroeconomic news from the US, particularly on US Federal Reserve’s interest rate hike and Chair Jerome Powell’s commentary. With the central bank’s interest rate now in the 5.00-5.25% range, the major take from the last Fed meeting was news that the hiking cycle might be coming to an end.

The unfolding banking crisis is also one factor to consider as you eye a Metacade price prediction for 2023 and beyond. This is because chaos in the sector, coupled with the weakening of the US Dollar (USD) could strengthen Bitcoin’s outlook as a safe haven asset.

That sentiment has previously seen crypto fly, with BTC hitting its all-time high around $69,000 and altcoins rallying to new peaks.

MCADE’s breakout from ranged trading between $0.022 and $0.026 saw it rally to its all-time high above $0.045 this week. However, profit seeking deals have seen the gains evaporate as the local top for MCADE/USD formed.

On the 4-hour chart, the price broke below the 50 SMA before bulls tried to stem the downward action that threatens to return prices within the aforementioned range. While the 4-hour RSI is at 43, its slanting outlook coupled with the bearish crossover for the MACD indicator suggests sellers are currently in control.

The short term price perspective for Metacade is therefore one where buyers have to hold above the moving average and the previous resistance-turned support line. If the downside pressure intensifies as suggested by the technical indicators, it is possible that bears will revisit $0.022.

If Metacade price manages to hold above key support levels and the macro environment favours a new crypto surge, its likely MCADE/USD could attempt to reclaim the $0.04 area. Beyond this, it is possible for the token to be trading above $0.1 in coming months.

Targets between $0.5 and $1 in late 2023 or in the first half of 2024 could then be on the table if investors looking to diversify their portfolios buy into the project. The key catalyst here will be Metacade’s unique approach to blockchain gaming.

The post Bears threaten MCADE amid profit taking deals: Is now a good time to buy? appeared first on Invezz.

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