By Alicia Maher
DOT would need to surge past two crucial resistances before it can embark on a strong bullish run. On the other hand, Axie Infinity has announced that its developers are putting final touches on adding a new feature that will enable in-game item trade among users. Also, MANA has gained nearly 2.9% after Decentraland launched the metaverse version of the Australian Open.
DOT Is About To Breakout
DOT gained 26% between January 10 and 15 to nearly hit its next crucial resistance of $28.85. It was only able to surge past the predicted price of the 50-day SMA. However, it has lost 8% and now trades at $25.98. Traders have two options here; they can either make an entry now for a long-term trade or wait till DOT flips its next crucial resistance of $28.83 or $29.89 (which coincides with the 200-day SMA) to support before making an entry trade.
Once that happens, it confirms that DOT is about to embark on a strong bullish run. Once it starts that bullish move, its next resistance would be the $35.85 level after it has gained 21%. Investors can take profits at this point as it represents a local top and coincides with the 90-day EMA.
DOT/USD 4-hour chart. Source: TradingView
If the buyers cannot sustain this bullish momentum, DOT will likely decline. Thus, if a decline occurs, DOT will find support at the $23.28 level, and the bullish analysis becomes invalid.
AXS About To Break Out From A Wedge
The Axie Infinity team will launch a new trading feature (named project k). Once this feature is launched, traders can trade in-game items among themselves. An official statement from the play-to-earn platform confirms that a test run of the feature is still at least one month away.
The platform is also planning the launch of Battle V3 (Origin), enhancing investor adoption and more use cases. Based on the official release, the Project K feature would be launched for the Battle V3. The 3D models for Project K have already been made available by the development team.
Removing ambiguities from the onboarding process is one of the few remaining features before the Battle V3 is launched. Famous crypto analyst on Twitter (@call_me_cypher) claims that AXS might start a new bullish run. While some analysts predict that AXS’ next bullish run will see it reach the $88 price level, a few others forecast a gain of 27% before the bullish momentum is halted.
$AXS moon mission soon🚀🚀
I'll be interested if we see a "daily" structure "breakout" of the wedge.. $AXS is one of them coin that moves if it wants to without concerning itself with $BTC. pic.twitter.com/fyPTasSxOX
— Cypher 📊📈📉 (@Call_Me_Cypher) January 17, 2022
MANA Is On The Cusp Of A Strong Rally
Fans’ wish for a virtual Australian open tournament has come to pass following the partnership between the Australian open organizers and metaverse platform, Decentraland. The metaverse version of the games is available to enable fans to connect and interact with the event. This is a massive achievement in the history of the tournament.
Asides from featuring in various events before and after live matches, tennis legends will also feature in some of the games in the metaverse. This news has caused a surge in AXS price, and analysts predict that AXS price will remain on an uptrend throughout the tournament.