The most recent trend in 2021 has been metaverse coins/tokens for play-to-win (P2E) games. According to a popular crypto analyst, a blockchain-based gaming ecosystem and other specific altcoins could join this momentum as an Ethereum rival prepares for a rally.
ETH-based metaverse and NFT coin projects could rally if Bitcoin “plays nice”
Commencing with a recently launched altcoin, Altcoin Sherpa advises caution regarding the risk/reward ratio (R:R) of ApeCoin (APE). ApeCoin, created by the founders of Bored Ape (BYAC) and currently boasting a market cap rapidly surpassing $2 billion, is under scrutiny:
The bullish market structure on the lower timeframes remains intact; however, the analyst expresses reservations about the R:R, considering it may not be favorable for a swap. From an investment perspective, the coin is deemed to have a very high valuation. Despite this, it has demonstrated the potential for being acquired during a dip.
“Time to take profit”
Altcoin Sherpa is also cautious about the enterprise-grade Blockchain platform Phantom (FTM). Following a tweet on March 19, he advises investors to reduce their risk, expressing the belief that there won’t be a “full” alt season, where altcoins significantly outperform Bitcoin (BTC).
He reminds investors to consider taking profits in altcoins, specifically mentioning the $2.70 purchase of FTM and suggesting that waiting for it to reach that level may not be realistic. The advice implies a strategic move to minimize losses or secure gains.
Metaverse coin projects AXS and SAND exhibit similar price movements
Sherpa then examines the Ethereum-based metaverse coin The Sandbox (SAND). He notes that the price action is reminiscent of another metaverse game, Axie Infinity (AXS):
The chart appears similar to the previous AXS. If AXS starts experiencing significant upward movement, considering investments in other metaverse coin projects, including The Sandbox, might be a prudent move. Sherpa suggests that these remaining projects could perform well in such a scenario.
The crypto strategist expresses optimism about the scaling solution protocol Near (NEAR), suggesting that it could exceed $16 if Bitcoin (BTC) experiences a rise as well. Analyzing the technical chart, he states:
Assuming BTC performs well, I believe we will reach $16 or even higher in the upcoming weeks. The chart has been consolidating for the past two months, and it seems poised for an expansion soon.
Bitcoin (BTC) is currently trading at $44,556.89, aiming to reach the $45,000 resistance level at the time of writing. As reported by Metaverseplanet.net, the support from Terra’s more than 3 billion Bitcoin purchases has been a contributing factor for the bulls this week.
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