Speaking to Cointelegraph on Wednesday, Swyftx co-CEO Ryan Parsons revealed that its long-term plans are to explore ways to offer trading between traditional and crypto asset classes.
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Whale buying and selling has effectively told traders how to position their bids and asks, data reveals.
Axie Infinity, a blockchain-based play-to-earn game, generated a measly $988,400 in total revenue the previous week, which is the first time that the popular P2E game that allows you to earn SLP coins, amassed lower than 1 million since February 2021. From an hourly standpoint, AXS price has spiraled down by 1.69% or roughly $0.35 compared to values from an hour ago. This looks like a reversal from the previous results, showing the price moving up. Today, the AXS price is down by 0.87% or $0.18 from yesterday. This reverses the price movement that transpired the previous day, which registered an upward trend. The 100-hour time frame proves to be most consistent, showing a bearish or downward trend. Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose? Axie Infinity – Still The Most Popular P2E? Axie Infinity, the most popular P2E, has seen a trailblazing success in 2021. Axie Infinity managed to generate over $215 million at its peak fame on August 8, 2021. Additionally, Sky Mavis, the game’s creator, has also procured over $152 million in funding or a valuation of $3 billion in a funding round headed by Andreessen Horowitz. However, things went through rough spots as the game dropped in November 2021 due mainly to its burn mechanism and imbalance of issuing SLPs. BTC total market cap at $862 billion on the daily chart | Source: TradingView.com There was an overload of Smooth Love Potion (SLP), Axie’s in-game token, which was issued with no means to burn or destroy the tokens thoroughly. Axie suffered from inflation as its SLPs depreciated in value and failed to incentivize players. Sky Mavis has recently added a burn mechanism into Axie, but it did not work. AXS Consistently Moving Down AXS has been consistently moving down ever since it reached its all-time high in November 2021 with a price of $166.09. The downward trend resulted in AXS reaching a low price of $16.20 in May. The support area is around $20, but AXS did not achieve this since July of 2021. Axie Infinity has been moving up since May 28, which is a rebound of 52% from the lows it suffered in May. Suggested Reading | Crypto Community Sees Nearly 80% Upside For Ethereum By End Of June The downward movement was then prefaced with a bearish forking movement, as seen in the weekly RSI, which shows an intact trendline. The only time a trend can be coined as bullish is when the trendline is broken. If the bounce lingers on, the next resistance area would be at around $50. Featured image from Bitcoin News, chart from TradingView.com
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PRESS RELEASE. June 8, 2022: Myria Studios, the blockchain gaming division of Myria, announced that the company is rewarding its community members with its inaugural NFT drop — a free-to-claim Alliance Sigil NFT. For a limited time, all new and existing Myria community members can claim the exclusive NFT for free. The Alliance Sigil NFT […]
Hi guys. If you don't already know it, this is the no-official newsletter about Curve Finance. If you don't have time to be 24-7 on Twitter. This is a good way to follow what is happening https://cryptouf.substack.com/p/whatup-on-curve-83?s=w submitted by /u/cryptouf [link] [comments]
The crypto market has been facing a rough time over the past few months. The majority of assets have been in a bearish trend, following the broader market sentiment. Some have managed to weather the storm better than others. Let’s compare and contrast the two digital assets, $SAND and $NXTT. Comparing Performance The Sandbox ($SAND) has been one of the hardest-hit tokens amidst this crypto downturn. The Sandbox, a gaming project that aims to create a blockchain-based virtual world, has seen its token price drop from $6 at the start of the year to under $1.30, as of writing, representing a nearly 80% loss. Meanwhile, $NXTT, the token behind Next Earth, has maintained relative stability throughout the bear market and is down just around 38% year-to-date. NXTT launched at around $0.001 in late January, and now sits at around $0.0034, and was recently at $0.004. In the meantime, many other altcoins, particularly small-cap altcoins and ICO tokens, have seen their prices plummet by 80% or more. So, while $NXTT is down from its peak, it’s actually one of the better-performing altcoins in this market downturn. Comparing The Projects On the surface, both The Sandbox and Next Earth have a lot in common. Both are projects that are focusing on building a virtual world on the blockchain. However, that’s where the similarity ends. The Sandbox is focused on user-generated content and gaming experiences. Next Earth, on the other hand, focuses on building a virtual world that is a replica of our own planet, where users can truly own unique virtual land. Next Earth is bringing an ethos of total decentralization and equity to the metaverse, in stark contrast to the likes of Facebook’s Meta, which is being built on centralized infrastructure. This ethos is represented in their commitment to donating 10% of all proceeds to environmental initiatives, which means that over $1 million have already been donated to ocean cleanups and other worthy causes. The Future of NXTT Next Earth has an extensive and thorough roadmap that aims to realize the project’s vision in the coming years. The team is composed of experienced professionals with a proven track record in the tech industry. One key element is Next Earth’s positioning as a platform-as-a-service (PaaS). This will allow developers to build on top of the Next Earth infrastructure and create their own applications and experiences. Further, the project is moving more closely towards becoming a DAO, with plans to decentralize most decision-making to the community in the future. All in all, Next Earth is a project that is well worth keeping an eye on. They have a strong team, a clear vision, and are making great progress towards becoming the leading player in the virtual world space. The Takeaway In the current market conditions, it’s clear that $NXTT is outperforming the Metaverse industry. But more importantly, Next Earth is a project that is laser-focused on solving some of the most pressing problems in the space. From their commitment to decentralization and equity to their efforts to build a replica of our own planet, Next Earth is a project that is worth paying attention to. Photo by George Morina
The new fund is intended to support the growth of NFT, gaming, and DeFi projects on Solana and to help keep former Terra developers on their feet following Terra’s fall.
Ethereum remained well bid above the $1,720 support against the US Dollar. ETH recovered losses, but it is still facing hurdles near the $1,850 zone. Ethereum remained well bid above the $1,720 support zone. The price is now trading below $1,800 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a steady increase if there is a clear move above the $1,850 resistance zone. Ethereum Price Remains Stable Ethereum remained well bid above the $1,700 level and near the $1,720 support zone. A base was formed near $1,720 and there was a fresh increase. The price gained pace for a move above the $1,800 level and the 100 hourly simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the $1,918 swing high to $1,725 low. The price spiked above the $1,850 resistance zone. However, the bears remained active near the $1,865 level. Ether failed to clear the 61.8% Fib retracement level of the downward move from the $1,918 swing high to $1,725 low. Source: ETHUSD on TradingView.com There is also a key bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $1,830 level. The next major resistance is near the $1,850 and $1,865 levels. A clear move above the $1,865 resistance might start a fresh increase. In the stated case, the price could revisit $1,920. Any more gains might set the pace for a move towards $2,000. Fresh Decline in ETH? If ethereum fails to rise above the $1,865 resistance, it could continue to move down. An initial support on the downside is near the $1,770 zone. The next major support is near the $1,720 level. A clear move below the $1,720 level might spark a major decline. The next major support might be $1,680. Any more losses could send the price towards the $1,600 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,720 Major Resistance Level – $1,865
