NFT Tokens ( Non-Fungible-Tokens)

This is When the NFT Space Will Be Back in Action! But Will it Lead the Altseason?

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Feb 2, 2022

news-image
Highlights

    The NFT space nowadays is undergoing a mixed trend where-in the assets undergo a notable surge and finally drop back to the same levels

    Yet the tokens are expected to resume with the uptrend only if certain conditions are met at the earliest

The NFT space since the past month is undergoing a roller coaster ride with multiple ups and downs. While it was swinging within the higher levels back in Q4 2021, many expected the year 2022 could be the year of NFT’s but woefully, the bears outperformed even the traditional cryptos. But however, the NFT space may soon get back in action once Ethereum hits its strong resistance at the earliest.

Ethereum price began the fresh month trade on a bearish note surpassing the 100-day EMA. The asset consolidated along with these levels for a notable period and now attempting to move ahead yet the trading volume is hindering the rally.

However, the asset needs to clear the levels at the earliest else it may yet again fall into a deep bearish well. And hence trembling down the NFT space also. Therefore it is pretty important for the asset to clear the current consolidation and sustain the above crucial resistance at $3200.

The crypto & NFT enthusiast sheds light on the scenario wherein the NFT can pull the next leg up. According to him, the NFT bull run may resume when the ETH price may bounces above $3200. And when NFT price initiates to attack following a slight pullback in Ethereum price, many may jump into the NFT trade. This may lead to a notable downtrend in the ETH price and eventually, NFT’s may pull a massive leg up. 

Following a breakout, in the NFT space, the popular tokens like Decentraland(MANA), The SandBox(SAND), Axie Infinity(AXS), Tezos(XTZ), etc may quickly jump into action. Further, they may rally high to form a new ATH while Ethereum(ETH) price remains consolidated. But the other altcoins may not undergo an uptrend but consolidate within healthy regions. 

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button