Bitazza Crypto Weekly: Industry Leaders Making Moves Towards Metaverse and NFT Games -

Crypto Weekly: 8 – 14 November 2021

Following Facebook’s foray into metaverse technology, other notable companies have taken note and are looking to follow suit. These include major companies like Softbank, who has recently invested in Sandbox and is looking to expand into the growing Metaverse as well as NFT Games that are driving the play-to-earn movement.

At their annual “Microsoft Ignite” gathering, tech titans Microsoft announced the launch of their “Dynamics 365 Connected Spaces,” which will leverage metaverse technology in conjunction with Microsoft Teams services and Xbox gaming console capabilities to expand their offerings to Microsoft users.

Gaming giants Electronic Arts (EA) have officially acknowledged the growth of NFT games and have stated that the play-to-earn model will likely be an essential part of the future of the video game industry. While no official project has been announced, EA and similar publishers are looking into how best to incorporate NFTs and the P2E model into projects moving forward.

Final Fantasy creators, Square Enix, appear to be ramping up their efforts in the blockchain gaming sector. Following the sold-out release of their Ethereum-based NFT trading cards in October, Square Enix has announced that they are planning to release more NFT-driven projects and explore the NFT Game space even further.

Another exciting event to keep an eye on is South Korea’s decision to decline to regulate the NFT market. Regulators from the South Korean FSC have stated that according to FATF guidance, NFTs are not the same as virtual assets and should not be considered or regulated as such. Following this ruling, Dunamu, the parent company of cryptocurrency exchange Upbit, announced a joint venture with entertainment company Hybe to begin creating NFT products related to K-pop stars BTS.

Another sign of the bright future for NFT Games is the skyrocketing amount of money being invested into the sector. One example is the announced $100 million gaming fund between Solana Ventures, Lightspeed Venture Partners, and FTX to promote the continued growth of blockchain gaming and support the GameFi ecosystem. Furthermore, Enjin has announced their own $100 million fund specifically to support projects within the Enjin ecosystem geared towards developing a decentralized metaverse. Similarly, Avalanche developers and investors are investing $200 million in their “Blizzard” investment fund, focusing predominantly on DeFi and NFT projects.

Finally, Axie Infinity has officially launched their Katana DEX, on which users can stake their AXS or SLP into liquidity pools to earn profit. As of launch, Katana currently supports swaps between WETH, AXS, SLP, and USDC.

Weekly Technical Analysis: 8 – 14 November 2021

Bitcoin (BTC)

BTC is showing signs of breaking through its sideways trend and has support set at $64,300 this week. If it can break through its previous high at $67,000, BTC’s uptrend will be solidified as it enters a bull run that will look to target short-term resistance at the $68,000 level and medium-term resistance at $80,000 or above.

Ethereum (ETH)

ETH is maintaining its uptrend after hitting new highs. If support at $4,500 can remain intact this week, consider buying if prices dip during the week. ETH will be looking to test the $5,000 resistance level and could follow in BTC’s wake if Bitcoin enters a bull run this week.

dYdX

dYdX had a successful upwards reversal entering this week with support set at 560 Baht. If support can remain intact, dYdX will look to test resistance at 680 Baht in the medium term.

Avalanche (AVAX)

AVAX continues to successfully create new highs. If support at 2,700 Baht remains intact this week, look for AVAX to test resistance at the 3,200 Baht level. If AVAX can continue its uptrend, consider buying if prices dip.

Trading and Investment Considerations For The Week

Bitcoin continues to trend sideways, and the Bitcoin Dominance Index is beginning to decline as investors and traders shift their focus onto altcoins in an attempt to capitalize on the current momentum of the altcoin uptrend. Many projects are continuing to create new highs, particularly the tokens that drive Smart Contract platforms.

Traders looking to enter a position on one of the altcoins setting new highs should consider adopting a Buy on Dip strategy. Considering current high trading prices for these tokens, the risk is significant, and losses could be damaging if there is a correction. As such, traders who did not invest in these tokens prior to the latest bull run should wait and buy during prices dips.

Prices for NFT Game tokens seem to have finally stabilized after riding a staggering uptrend all week. Despite slowing down, these tokens could continue to grow and will be an interesting sector to watch. Considering the growing buzz around the Metaverse and NFT Games, speculation will likely surround these tokens for some time.

Meanwhile, DeFi tokens haven’t had any significant rally that’s pushed the price ceiling higher yet. For now, traders could consider this an opportunity to enter a position before the uptrend starts. They can maximize profits by holding for the medium or long term instead of looking for short-term trading opportunities for these tokens.

There were no unexpected surprises coming out of the FED meeting this past week, with the announced tapering of QE having practically zero impact on the digital asset market. In terms of news coming out of regulatory bodies, though, the Crypto market will be keeping a close eye on any announcements by the American SEC this month related to the much-anticipated and much-speculated approval of Bitcoin ETFs.

Despite the currently profitable trading conditions, traders and investors should always be mindful of the risks of a potential correction. However, if the overall trend for the market remains positive, a mild correction could be seen as a profitable entry point for those looking to increase their investments.

*Materials on Bitazza Weekly Newsletter are intended to be used and must be used for informational purposes only. The views, information, or opinions expressed are solely those of the individuals involved and do not necessarily represent those of Bitazza and its employees. The information contained herein is not intended to be a source of advice or financial analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.

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