- In an exciting development, Konami and Avalanche have teamed up to introduce the “Resella” NFT platform.
- Data suggests there could be sizable price growth ahead.
- “The partnership between Konami and Avalanche could bring notable changes to the blockchain gaming ecosystem,” said a respected crypto analyst.
Learn about the latest collaboration between Konami and Avalanche, and its potential impact on the AVAX token.
Introduction of the ‘Resella’ NFT Platform
Gaming industry leader Konami, famed for the Metal Gear Solid series, has officially partnered with Avalanche (AVAX) to create an innovative NFT platform named “Resella.” This venture marks Konami’s first foray into the blockchain sphere, potentially driving considerable interest and adoption within the Avalanche ecosystem.
Market Reactions and Price Movements
Crypto expert Dan Johnson recently commented on Twitter about the potential for AVAX to rise following its current price consolidation phase. Konami’s expansive user base could serve as a significant catalyst for increased attention and new memberships on Avalanche’s blockchain network.
Current Trading Environment
Despite the positive news surrounding the Konami partnership, AVAX’s price has remained relatively flat. As of now, AVAX stands at $27.76, registering a 1.1% decline over the past 24 hours.
The cryptocurrency experienced a fall below its support level of $29.22 back on June 24, followed by a retrieval that brought it to its present value. Such movements suggest investors are in a holding pattern, awaiting further developments from the Konami collaboration.
Inconsistent On-Chain Metrics
To evaluate the future trend, COINOTAG delved into social volume, sentiment, and development activity metrics. Social volume data revealed significant fluctuations, likely tied to the buzz around the Konami collaboration. These variations may point to heightened short-term market volatility.
Development activity has shown several peaks recently, the latest coinciding with the Konami announcement. This pattern indicates a bullish overall market sentiment.
Market Sentiment: Bullish vs. Bearish
Analysis of Coinglass data on the long/short ratio for Avalanche shows an overwhelming 83.33% long positions compared to 16.12% short positions. This dominance of long positions suggests a bullish control over the market, potentially bolstered by enthusiasm for the Konami announcement and anticipation of a substantial AVAX price hike.
Future Projections for AVAX
Given the positive market sentiment and the predicted price breakout, AVAX might surge to the resistance level of $29.22, with the potential to climb further to around $39.46. However, failure to sustain the bullish momentum could lead to a price pullback, revisiting the resistance zone and possibly dipping lower.
Conclusion
In summary, the collaboration between Konami and Avalanche heralds a promising development for both entities. Although the immediate market reaction has been subdued, long-term indicators and development activities suggest bullish potential. Investors should keep a close watch on AVAX’s price movements, as they could signal significant upward momentum or a period of recalibration.
