Another Resistance Turns to Support for Fantom (FTM), Axie Infinity Coin Testing the Resistance - Forex News by FX Leaders
The 20 daily SMA has been broken now

Another Resistance Turns to Support for Fantom (FTM), Axie Infinity Coin Testing the Resistance

Posted Friday, November 5, 2021 by
Skerdian Meta • 2 min read

Fantom has made a name of itself in the crypto industry. It is a highly scalable blockchain platform for smart contracts, dApps, enterprise applications and DeFi in general. It has increased in value over 33 times since late July, as the decentralized finance space has since exploded, benefiting such blockchain networks.

That is one reason for the surge in the price, despite the recent pullback, which comes as a result of profit-taking. The other reason is the upcoming NFT (non-fungible token) bridge from Anyswap, a protocol that facilitates trades across blockchain newtorks. Now, projects that are based on Ethereum can move over to Fantom for a fraction of the price they’re paying there.

Besides that, the Fantom Developer Conference, which started in Abu Dhabi about a week ago, has also attracted a lot of interest. All these factors combined sent FTM/USD up to almost $3.50, but it is retreating on profit-taking. Nonetheless, we are holding onto our FTM/BTC buy trade, despite it being well in profit.

Axie Infinity Price Analysis – AXS/USD Testing the Top of the Range

The Axie Infinity play-to-earn game has exploded in popularity in Southeast Asia during this time of the coronavirus, where lockdowns have closed many jobs and people are trying to earn an income online. Now, the tokenomics of many online games that are built on blockchain, such as Axie Infinity, have enabled low-income users to earn money by simply playing this game.

 

Axie Infinity looking to break above the range 

Axie infinity has been rising in waves, similar to Fantom, surging from around $5 at the beginning of July, to $163, meaning that it has surged more than 32 times in value. The 20 SMA is acting as support for AXS/USD, while other moving averages can’t catch up, so it is showing immense strength. It has been trading in a range with the low at around $115. Now, buyers are looking to break above the range and push the price to new highs. Today we saw another attempt to break the resistance at $163, but the price has retreated lower now. I think that the break will come soon, so those who are long should hold onto their trades.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments