- Konami and Avalanche collaborate to launch ‘’Resella’’ NFT platform.
- Metric suggest a potential price surge.
As a seasoned crypto investor with a background in gaming and technology, I’m keeping a close eye on the recent collaboration between Konami and Avalanche to launch the “Resella” NFT platform. The potential for significant attention and new users to Avalanche’s network is promising, as evidenced by Dan Johnson’s analysis suggesting expansion after price consolidation.
Giant video game company Konami, known for producing Metal Gear Solid series, is teaming up with Avalanche (AVAX) to create a new NFT platform named “Resella.” This partnership represents Konami’s venture into blockchain technology and may catalyze increased adoption of Avalanche within the ecosystem.
Expert: Dan Johnson, a renowned crypto analyst, recently posted on Twitter that the price of AVAX may broaden its horizons following a period of consolidation. The vast user community of Konami could potentially generate substantial interest and attract new users to Avalanche’s platform.
AVAX remains muted despite news
Although the positive reports circulate about AVAX, its value has remained unchanged in the short term. Currently, AVAX is priced at $27.76 per token, marking a 1.1% decrease in the previous 24-hour period.
On June 24, the asset breached the $29.22 support level without retracing significantly since then. This indicates a pause in market activity as investors contemplate the potential impact of Konami’s partnership on the asset’s price movement.
Mixed signals from the on chain metrics
To evaluate the accuracy of the analyst’s forecast, AMBCrypto examined the sentiment trends, social media buzz, and progress updates.
The social media data showed noticeable changes, revealing notable increases around the time of Konami’s partnership announcement. Such fluctuations could imply heightened market instability in the near future.
As an analyst, I’ve noticed an uptick in development activity over the past few days, with today’s significant surge potentially linked to the recent Konami announcement. This positive trend bodes well for the market in the long term.
Bulls versus bears
The analysis of the Coinglass data on the long-short ratio for Avalanche revealed that approximately 83.33% of positions were held as longs, while only about 16.12% were shorts.
As a researcher observing market trends, I can say that this evidence indicates that the bulls hold significant influence over the current market situation. It’s also plausible that the upcoming Konami announcement may serve as a catalyst for continued AVAX price growth.
Read Avalanche’s [AVAX] Price Prediction 2024-25
What next for AVAX?
Based on market analysis, the collective mood points towards a bullish market trend, aligning with the predicted breakout phase by analysts. Avalanche (AVAX) could see significant growth, reaching the resistance of $29.22. If successful in breaking through this barrier, AVAX may continue its upward trajectory towards the potential target of $39.46.
As a crypto investor, I recognize that if the bullish push isn’t strong enough, the price may pull back and test the resistance level once more before potentially dipping even lower.
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2024-06-22 03:35