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Axie Infinity refreshes record high as AXS ascends 131% in just 3 days

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The price of Axie Infinity’s native token, AXS, more than doubled in just three days of trading amid speculation that it is going to revolutionalize the blockchain-enabled gaming industry forever.

The AXS/USD exchange rate reached a record value of $32.69 on Friday, up 31.28% intraday, and about 131% from its Tuesday low of $14.09. That placed the pair in the list of best-performing digital assets on a year-to-date timeframe; its 2021 gains are now above 5,000%.

Axie Infinity’s massive upside moves appeared due to its rising popularity as a play-to-earn gaming service. In detail, the Ethereum-enabled blockchain project is a Pokemon-like game, wherein players adopt, breed and trade digital pets — called Axies — in the form of nonfungible tokens.

Axie developer Sky Mavis called the game “a nation with a real economy,” which allows people to shape economic policies and practice local governance in a metaverse. The virtual environment has gained traction among netizens, insomuch that its total revenue closed toward $120 million in July versus $1.92 million at the beginning of this year.

Axie Infinity revenue is close to hitting $120M. Source: Axie World

Analysts at Delphi Digital forecasted that Axie’s revenue would reach approximately $153 million by the end of July and $1.1 billion by the 2021’s close.

What is AXS?

Axie developers focus on creating a play-to-earn model. In doing so, the project rewards players for the effort and time they put in both playing and growing the ecosystem. Every functional ecosystem needs tokens to transfer value. In Axie’s case, two assets fill that role: Axie Infinity Shards (AXS) and Small Love Potion (SLP).

Players earn SLP through Axie’s gameplay. They can later exchange the token for fiat, enabling a system where playing time turns into a person-hour wage. Axie reported that many of its players were making $5 a day by playing Axie, but the income surged to $20 as of late.

Meanwhile, AXS operates as a settlement currency inside the Axie Infinity ecosystem, using trading fees, governance, and Axies’ buying and selling. As a result, its holders receive 95% of Axie Infinity’s total revenue, just like a government that receives tax revenues from its citizens.

Sky Mavis holds about 20% of the total AXS token supply.

The proposition has helped to push AXS demand higher even amid an ongoing sector-wide downtrend. Since its launch, the Axie Infinity token has raked in more than 18,000% profits for its investors.

AXS price technicals

The latest AXS rally also surfaced in the wake of a sector-wide rebound, led by Elon Musk’s revelation that his space technology firm, SpaceX, holds Bitcoin (BTC). He also committed that Tesla would resume the Bitcoin payment option for its electric vehicles once the flagship cryptocurrency switches to green energy solutions for mining.

Related: Axie Infinity (AXS) axes almost half its value following 971% bull run

Bitcoin’s rebound from below $30,000 has sent altcoins in a similar retracement trajectory, thereby benefiting AXS. However, the Axie Infinity token posted better short-term profits than its digital asset rivals, given the euphoria surrounding its gaming project.

AXS has been in a steady uptrend since launch. Source: TradingView

Technically, AXS’s latest move uphill had it break above its parabolic resistance. The cryptocurrency now holds $24.07 as its interim support while eyeing a run-up toward its next potential upside targets at $36.48, $56.57, $76.65, and so on.

Conversely, slipping below $24.07 exposes AXS to deeper downside levels at $19.78, $16.40 and $14.03.

AXS trading volume and market sentiment rise 

Additionally, VORTECS™ data from Cointelegraph Markets Pro detected a bullish outlook for AXS on Friday before its recent price rise.

In detail, the VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for AXS first flipped green early on Friday at 00:15 UTC. Then the AXS prices began to rise, reaching as high as 78 four hours before the price peaked at $32.14.

At the time of writing, the VORTECS™ Score for AXS has slid back down to 65, suggesting that the conditions are still favorable for more upside price potential.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


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Source: https://cointelegraph.com/news/axie-infinity-refreshes-record-high-as-axs-ascends-131-in-just-three-days

Blockchain

ATOM Technical Analysis: Bulls Drive Price Above the Rising Channel

ATOM technical analysis

Rate this post The strong uptrend of the ATOM coin has given a bullish breakout of the parallel channel. Some in the cryptocurrency industry are concerned about the high degree of fragmentation that is evident in blockchain networks. There are hundreds of blockchain networks. However, only a handful can communicate with each other. Cosmos seeks to reverse this situation by making communication possible. Cosmos has been described as “Blockchain 3.00”, and it is a goal to make it simple to use. It is a software development platform that emphasizes modularity. This allows the creation of a network with code fragments that already exist. As a long-term goal, complex applications will become easier to construct. Scalability is another priority. That means transactions can be processed faster than with older blockchains such as Bitcoin and Ethereum. Blockchains must be able to handle the demands of payment processing companies, websites, and other users if they want to achieve widespread adoption. Past Performance of ATOM ATOM coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend.  On September 06, 2021, ATOM opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%.  Source – Tradingview ATOM Technical Analysis ATOM coin price is trading at $37.52 at the time writing with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure. Source – Tradingview The strong uptrend of ATOM cryptocurrency has given a bullish breakout of the parallel channel. Furthermore, the recently made lower price rejection near the $30 mark indicates a successful retest. Thus, the breakout of the $40 level may catalyze the bullish rally and help reach the $60 mark.   As per the pivot points, the ATOM coin price may find resistance near $50 and $60. And the support levels are at $35 and $30. The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall. Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly.  Furthermore, the ATOM coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout. Day-Ahead and Tomorrow ATOM token price grows in an uptrend by breaking above the parallel channel. The possible breakout of the $40 level serves as an excellent entry spot upon retest with minimum risk.

The post ATOM Technical Analysis: Bulls Drive Price Above the Rising Channel appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The strong uptrend of the ATOM coin has given a bullish breakout of the parallel channel.

Some in the cryptocurrency industry are concerned about the high degree of fragmentation that is evident in blockchain networks. There are hundreds of blockchain networks. However, only a handful can communicate with each other. Cosmos seeks to reverse this situation by making communication possible.

Cosmos has been described as “Blockchain 3.00”, and it is a goal to make it simple to use. It is a software development platform that emphasizes modularity. This allows the creation of a network with code fragments that already exist. As a long-term goal, complex applications will become easier to construct.

Scalability is another priority. That means transactions can be processed faster than with older blockchains such as Bitcoin and Ethereum. Blockchains must be able to handle the demands of payment processing companies, websites, and other users if they want to achieve widespread adoption.

Past Performance of ATOM

ATOM coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend. 

On September 06, 2021, ATOM opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%. 

ATOM Technical Analysis

ATOM coin price is trading at $37.52 at the time writing with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure.

The strong uptrend of ATOM cryptocurrency has given a bullish breakout of the parallel channel. Furthermore, the recently made lower price rejection near the $30 mark indicates a successful retest. Thus, the breakout of the $40 level may catalyze the bullish rally and help reach the $60 mark.  

As per the pivot points, the ATOM coin price may find resistance near $50 and $60.

And the support levels are at $35 and $30.

The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall.

Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly. 

Furthermore, the ATOM coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout.

Day-Ahead and Tomorrow

ATOM token price grows in an uptrend by breaking above the parallel channel. The possible breakout of the $40 level serves as an excellent entry spot upon retest with minimum risk.

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Source: https://www.cryptoknowmics.com/news/atom-technical-analysis-bulls-drive-price-above-the-rising-channel/

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Blockchain

TIME100: Why Ethereum’s Vitalik Buterin Deserves The Spot

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TIME100: Why Ethereum's Vitalik Buterin Deserves The Spot

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The annual ultra-prestigious Time 100 Most Influential List is out featuring everyone from Apple’s Tim Cook to Tesla’s Elon Musk and the World Trade Organization’s first female boss Ngozi Okonjo-Iweala. The cryptocurrency industry had just one slot and 27-year-old billionaire and Ethereum co-founder, Vitalik Buterin clinched the spot.

Nominated by Reddit’s co-founder, Alexis Ohanian, Vitalik made his debut on the influential list under the innovators’ category for his magnificent strides in the world of blockchain through the creation of Ethereum. Ohanian, who has been an ardent follower of Buterin from the infant stages of his career, was quick to add:

“No other person could have possibly come up with all of the uses of Ethereum, but it did take one person’s idea to get it started. From there a new world has opened up, and given rise to new ways of leveraging blockchain technology — some of which I’ve invested in.” Ohanian said in response to the global strides of Ethereum. “Whether it is start ups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”

Why Buterin? Well, here are the top reasons we think.

A builder of builders

In one of Ohanian’s remarks, he referred to Vitalik as a builder’s builder and it’s not so hard to see. With a solid $400 billion community harboring a plethora of life-changing DeFi’s and pleasure-giving NFTs, the Ethereum blockchain has successfully set the ball rolling for one of the most ingenious use cases for blockchain.

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Beyond payment solutions and cryptocurrencies, newer startups are developing tools that leverage blockchain technology in areas of real estate, supply chain management, voting, user privacy and security, statistics, etc. There are now close to a 3.5 million registered DeFis and over 2000 registered DApps fully operational and domiciled on the Ethereum mainnet.

A hub for all

Bitcoin may have the magic of low transaction fees and more popularity but Ethereum has the record for the largest number of innovative developers on a single platform. There are over 40 million unique addresses with over 250,000 developers working out close to half a million daily transactions amounting to approximately $1.5 billion per day in volume. This makes Vitalik’s Ethereum the busiest tree for many birds in the crypto ecosystem. 

Bitcoin’s Satoshi Nakamoto and Cardano’s Charles Hoskinson may have earned premium accolades within the community for bringing up the first crypto and becoming the first to deploy its technology to Africa on a significant scale respectively, but Vitalik’s achievement stands true. It’s been a phenomenal year for the 27-year-old, first stepping into the Forbes billionaire club back in March and now cementing his place as an undeniably global person of influence — and he’s only 27 yet.

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Source: https://zycrypto.com/time100-why-ethereums-vitalik-buterin-deserves-the-spot/

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Ethereum Competitor Announces $230,000,0000 Token Sale After Surging 80% This Week

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An Ethereum competitor has surged nearly 60%, hitting its all-time high this week, even while the majority of other crypto projects have moved sideways on the price charts.

The smart contract platform Avalanche (AVAX) is trading at $65.02 at time of writing, having achieved an all-time high of $68.34 at one point on Thursday, according to CoinGecko.

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The Avalanche Foundation also announced on Thursday that it had completed a $230 million private token sale to a slew of blockchain asset investment firms, crypto hedge funds, angel investors, and family offices, including Polychain Capital and Three Arrows Capital.

The foundation plans to allocate this money into expanding decentralized finance (DeFi), enterprise applications, and other use cases on the Avalanche public blockchain. The sale was completed in June.

According to Avalanche Foundation director Emin Gün Sirer,

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers.

The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

Recent research from the early-stage venture capital firm Outlier Ventures indicates that Avalanche has demonstrated explosive growth in terms of developer activity during the past year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/09/17/ethereum-competitor-announces-2300000000-token-sale-after-surging-80-this-week/

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