The PlayDapp price has had a spectacular rebound as demand for metaverse and gaming cryptocurrencies has done well. As a result, the PLA coin rose to a multi-month high of $1.41, about 121% above the lowest level this year. As a result, the coin’s market capitalization rose to over $431 million. This article will look at what PlayDapp is and why its price has bounced back.
What is PlayDapp and PLA token?
PlayDapp is a blockchain project that is in the gaming and metaverse industries. The platform provides a consumer-to-consumer marketplace where people can buy interoperable games. Games available in the ecosystem work across multiple chains like Ethereum, Avalanche, and even Solana. Also, they can trade non-fungible tokens and trade their characters.
In addition to the marketplace, PlayDapp has an SDK that helps developers build games that are then offered in its marketplace. It can also be used to build other blockchain projects like NFTs that can also be used in the marketplace. PLA is the native token for the ecosystem and is used for governance while transactions in the marketplace are filled in ETH.
PlayDapp price is rising as investors swing back to metaverse and NFT projects. It is also why other coins like Axie Infinity and Smooth Love Potion have jumped. Another reason is that the developers announced a new PLAYZ NFT buyback as part of the Gods Play-to-Earn 2.0. Investors believe that this buyback will increase demand for the PlayDapp token. During the buyback, players will have the option of unstaking their PLAYZ NFT or use a tool to convert them to the new PLAYZ system.
PlayDapp price prediction
The PLA price rose to a multi-week high of $1.3667 as demand for the coin bounced back. This was an important level considering it was also the highest point on February 7 this year. It has also formed what looks like a cup and handle pattern shown in black.
Therefore, at this stage, the outlook of the PlayDapp price is neutral. Bulls must move above this resistance level to validate the bullish comeback. If this happens, the next reference level to watch will be at $1.68. Another alternative is where the coin retreats to form the handle section, and then it bounces back.