Monat: April 2022

After the recent hack on Axie’s sidechain, money could flow more into SAND

• Sandbox is one of the fastest-growing play-to-earn gaming platforms, with growing adoption.

• Axie Infinity is a play-to-earn gaming platform with crypto’s most expensive NFT collection.

• While both are good investments, AXS could underperform SAND after the Ronin network attack.

Sandbox SAND/USD is one of the best-known play-to-earn gaming platforms today. The popularity of Sandbox games has been instrumental in the rise of SAND’s value since 2021. However, besides play-to-earn gaming, Sandbox has been venturing into other things that could trigger significant value growth for SAND. For instance, Sandbox has agreed with Warner Music that would see virtual concerts take place inside the Sandbox Metaverse. This, coupled with the growing interest in the Metaverse, makes SAND a potentially good cryptocurrency to buy in 2022.

On its part, Axie Infinity AXS/USD is an equally strong play-to-earn gaming platform. It is the largest play-to-game platform globally and has an NFT collection whose value is second to none. Due to its edge as a market leader, Axie Infinity is likely to get even more popular as play-to-earn becomes more important in the gaming industry.

Why SAND holds an edge over AXS

While both SAND and AXS have strong prospects in the long run, SAND could outperform in the short term. This has a lot to do with the negativity around Axie Infinity’s recent hack. A few days ago, it was revealed that Axie Infinity’s Ronin Network was attacked, and $600 million worth of Ethereum was stolen. Since such events usually create market panic, AXS is likely to rag behind SAND even as bullish momentum returns to the market.

Summary 

Sandbox is a play-to-earn gaming platform that is one of the fastest-growing in the Metaverse ecosystem. On its part, Axie Infinity is one of the largest play-to-earn gaming platforms in the market and has one of the most expensive NFT collections in crypto. While both will perform well long-term, the recent attack on Axie Infinity’s Ronin network could see it underperform SAND in the short term.

The post Sandbox could outperform Axie Infinity after Ronin attack appeared first on Coin Journal.

After seeing a major sell-off at the beginning of the year, The Near Protocol (NEAR) appears to have fully recovered. In fact, the coin started to pair up losses well before the entire market rebounded and has since maintained this uptrend. Here are some details:

• Since the end of February, NEAR has risen steadily in price.

• The coin has breached various crucial resistance zones in the process.

• But increased liquidation of long positions could spell doom for the altcoin.

Data Source: Tradingview 

Near Protocol (NEAR) – Understanding the risks

The steady jump that NEAR has reported since the end of February has been quite impressive. The coin is now trading well above its 200- and 50-day simple moving averages, something that indicates bullish momentum. 

In fact, NEAR is one of the few coins in the top 20 that has managed to breach the 200-day SMA. The RSI is also indicating that further upside is coming. The coin could surge past $20 in the days ahead. But despite this impressive uptrend, there is one thing that should get investors quite worried. 

According to data provided by Coinglass, there has been a significant increase in liquidation for long positions. This essentially means that investors who had bought NEAR to hold it for a long period of time are already out of money. What is now left is a huge portion of short positions which are very prone to profit-taking. If this happens, which is quite frankly very likely, the uptrend NEAR has reported will slow significantly.

Why should you buy NEAR anyway?

Despite this downside risk, NEAR is still bullish, and it has a very good chance of posting more gains in the near term before any pullback. However, it would be best to lock in profits once the coin touches $20. This will still represent a net gain of around 25% from the current price.

The post This caveat should get investors worried as NEAR recovers sharply from 2022 low appeared first on Coin Journal.