Key Takeaways:
- Vulcan Forged PYR coin could drop 20% in the current quarter.
- Technicals suggest a potential decline to zero.
- The gaming industry could boom despite a looming recession.
YEREVAN (CoinChapter.com) — Vulcan Forged, a non-fungible token (NFT) game studio, marketplace, and “dApp incubator,” saw its PYR token rise over 20% on Aug 14 and pare its gains completely the next day, starting the Aug 16 European session at $3.20.
Additionally, zooming out to the daily chart, the PYR coin price prediction does not look good in the long run, as the PYR price could drop 20% in the current quarter and subsequently to zero if it confirms a bearish descending triangle setup.
PYR Coin Painst Descending Triangle Setup
In detail, PYR’s price consolidated within a “descending triangle” formation since May 2022. It entails a flat support line and a descending resistance that caps the coin’s upside attempts. Typically, the descending triangle is a continuation setup that appears after downtrends.
Additionally, the setup predicts a drop equal to the maximal triangle height. The formation target will be practically zero if the PYR coin confirms it by dropping below the support. As of Aug 15, PYR coin price prediction sees a 20% drop to the said support at $2.6 within the quarter if the decline in trading volumes continues.
No PYR news on the Vulcan Forged official social media could have propelled the coin. However, the P2E industry could boom despite mounting recession fears.
P2E Gaming Plows Despite Looming Recession
The global markets are still at risk due to factors such as the liquidity crunch in the US market and the mounting housing crisis in China, the two largest economies in the world. However, according to the World Economic Forum (WEF) research, the gaming industry will continue to grow, reaching $320 billion by 2026.
Additionally, as a part of the Social/casual gaming mentioned in the chart, blockchain-based P2E gaming is likely to see a boost. According to the survey of another global professional services group, Ernst & Young (EY), NFT gaming plays a lead role in industry development.
As the vast potential of NFTs is still being explored, companies are still trying to understand how to use them. This was evident in our survey, with virtually all respondents saying that digital assets are valuable to their company’s future business prospects.
read the report .
The survey respondents also mentioned several potential benefits of NFTs versus traditional gaming. They cited increasing customer satisfaction, growing margins, and improving the visibility of
products and services.
Also, enhancing collaboration with nontraditional gaming partners and attracting new customers made the list.
Notably, the industry might need adjustments before P2E expansion is possible. “90% of our executives said that while they are interested in digital assets, their companies currently do not have a
viable business model to capture value from them,” clarified EY.
