This article updates some price targets and the outlook for the Naka token. Naka is a blockchain based gaming platform that seeks to offer a wide variety of gaming products.
Naka Weekly Chart
Let us start with the weekly chart. Our first price target of 1.56$ was just reached today, and the wedge has been broken and confirmed on high RSI and decent volume. The two dashed greens are the next shorter term price targets. If you look back into price history there is not much action until there candle bodies and wicks. The 1.9 level I marked out on the daily chart. The fact is there is very little price structure which allows these tokens to rocket forward if the narrative and volume are there.
If you would like to learn more about Nakamoto Games check out their website [here]. Zooming into the 4-hour chart you will see a breakout of the wedge as well as a tap into the local demand. If you follow me on trading view the previous demand I drew held great support and consolidation before the multiple tests of the top red line for the breakout. With the gaming narrative heating up I treat Naka much like Pyr for a gaming bet on an ecosystem and not just a single game. Having the project be on Polygon is a major plus from me as I like the chain as evidence by our prior writings.
I think the token is headed for this 1.64 level very soon as the RSI seems to have broken out on the four four. The 20-50 and 100 exponential average are pointing upward which signals bullishness. The Teal trend line stands strong and a potential flag is forming. I would like to see a few 4 hour red candles with small wicks form the flag before a breakout. We are very bullish on gaming and that has been our focus during the bear market, to research these gaming plays when the market is boring.
For an article on Vulcan Forged, another gaming ecosystem, check it out [here]. The Pyr chart looks similar to Naka, the key is to spread out your bets within the narratives. If you follow me on Twitter you will see I have been covering strong momentum tokens for a while. I am clearly bullish on Nakamoto games and am excited to see what they have in store for the future. Remember, you only need to take small bets in these smaller market cap tokens, use sound risk management, and write down your profit taking strategy. I like to sell 33% at a 5-7x to secure my initials with some profit and then ride the rest. Stay safe!