Metacade (MCADE) price has held quite well in the past few days as investors focused on the upcoming game development. The token was trading at $0.03 on Wednesday, which was a few points below the all-time high of $0.0456. 

Metacade is an upcoming platform that is seeking to become the best player in the GameFi industry. It is a community-driven platform that is drawing lessons from other platforms like Axie Infinity and Sandbox. The goal is to use these lessons to build a better gaming platform that will go mainstream.

Metacade recently completed its token sale event in which the developers raised over $16 million. This made it one of the most successful token sale events of this year. Since then, Metacade has been listed in several exchanges like BitMart and Mexc, as we wrote here. Early investors have seen excellent returns, with the MCADE price rising by over 200%.

The hard part is now starting for Metacade developers as they move to the next phase of development. Analysts believe that this is the phase that will make or break the ecosystem since the game needs to be of good quality. It also needs to address the gaps that existed in earlier gaming platforms like Sandbox.

According to Metacade’s white paper, the game development process will begin in the second quarter. Other key events expected this quarter are further CEX listings, launch of the universal hangout, and the launch of the basic DAO model. In the third quarter, the developers will launch the classic arcade launch, grow external games, and create Metacade tournaments.

As part of this development, Metacade is partnering with MetaStudio, a company that develops metaverse projects. Over the years, it has helped build games like Shrek and How to Train Your Dragon. The two sides held an AMA session on Tuesday in which they talked about the game and the process of building it.

Metacaders, our AMA session with Metacade CEO, @learncrypt0 and @MetaStudioPt Co-Founder & CEO, Carlos Domingues is LIVE NOW🔥

WATCH IT HERE⬇️🔥
🔗https://t.co/NdsMvdYr4e pic.twitter.com/Yv2BJ7qJjC

MCADE price drifted downwards this week. This decline was in sync with the performance of Bitcoin, which came under significant congestion and high fees. As a result, Binance, the biggest exchange in the world, decided to suspend BTC transactions. Now, Bitcoin price has stabilized as the congestion eases.

The same is true with Metacade, whose price has jumped from a low of $0.025 on May 5 to the current $0.03. On the two-hour chart, Metacade remains slightly above the ascending trendline shown in blue. The MACD is attempting to move above the neutral point while the coin is attempting to cross the 25-period moving averages.

It ha also moved to the 50% Fibonacci Retracement level. Therefore, there is a likelihood that Metacade price will bounce back soon as buyers target the all-time high of $0.045. This target is about 61% above the current level. 

However, a drop below the key support level at $0.025 will invalidate the bullish view since it will signal that there are more sellers left in the market.

Metacade has made a lot of progress in the past few months. The most important one was the token sale, which raised over $16 million. Further, Metacade has now been listed in several exchanges and in popular platforms like CoinMarketCap and CoinGecko.

While these are major events, Metacade’s success will come from the game itself. It will depend on the quality of the game and how interesting it is. Also, the success will depend on the payments to players and the launch of additional games and events.As an investment, I believe that allocating some cash to MCADE can be a good idea. Like all cryptocurrencies, you should not invest funds you cannot afford to lose. Also, you should understand the potential volatility when investing in the token.

The post Metacade price stabilizes as the game development phase starts appeared first on Invezz.

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