The latest trend in 2021 was metaverse coins/tokens for “play to win” (P2E) games. According to a popular cryptanalyst, the blockchain-based gaming ecosystem and other selected altcoins may accompany this momentum as competitor Ethereum prepares for a rally.
ETH-Based Metaverse Projects and NFT Coins Could Rally If Bitcoin Plays “Well”
Starting with the recently launched altcoin, Altcoin Sherpa says he is wary of the risk-reward ratio (R:R) of ApeCoin (APE), which was created by the founders of Bored Ape (BYAC) and has a market capitalization rapidly exceeding $2 billion:
The bullish structure of the market on the lower timeframes remains; I personally pay attention to this, because I don’t think that R:R is so good for trading. In terms of investment, it’s also a (very) high valuation (in my opinion). However, it showed that it can be bought at a reduced price.
“Time to fix profits”
Altcoin Sherpa is also wary of the enterprise-level blockchain platform Fantom (FTM). He is following a March 19 tweet advising investors to reduce risk as he believes there will not be a “full” altcoin season or a season when altcoins will significantly outperform Bitcoin (BTC).
Once again, a friendly reminder to fix profits in altcoins. Your $2.70 FTM purchase probably won’t get to that level, take the next step L.
The projects of coins of the AXS and SAND Metaverse demonstrate similar price dynamics
Then the Sherpa will look at the coin of the metaverse The Sandbox (SAND), based on Ethereum. He says the price action is similar to the behavior of his other metaverse, Axie Infinity (AXS):
Similar to the previous AXS. If AXS starts pumping up a lot, you could probably consider buying some metaverse coin projects; I think these leftovers will do a really good job as well.
The cryptocurrency strategist is also optimistic that the Near (NEAR) scaling resolution protocol may exceed $16 if BTC also grows. Looking at the technical chart below, he says:
While BTC is playing well, I think we will reach $16 or more in the coming weeks. It’s been shrinking for 2 months, I think it’s going to expand soon.