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- An internationally recognized forex trader thinks that crypto winter may end soon.
- Ethereum was trying to get out of the consolidation zone.
- Metaverse development may push the price of metaverse tokens soon.
Are We Getting Rid of The Market Downturn?
Crypto winter has tested the threshold of investors’ calm real hard in the market. But Justin Bennet, a globally recognized forex trader, has given hope to the people. In his recent Tweets, he pointed towards the end of the sector’s downturn. The plunge has caused havoc among the Crypto community, leading them to flee from the space.
He predicted a price breakout as he observed a long market coil. Longer coil usually points toward a rise in values. Similarly, the US Dollar Index (DXY) is expected to explode soon. Falling DXY may signal a bullish outcome in future. Ethereum, the second biggest crypto asset, was seen breaking the consolidation phase.
Justin believes that the S & P 500 index is correlated with the digital asset market and can help push asset prices. If it maintains $3,575 levels, then it may start a spark followed by an ultimate explosion in the cryptosphere. Investors are eagerly waiting for the downturn to end. We can just hope it happens soon.
Metaverse Economy Will Rise
However, in other reports, metaverse development is on fire. UAE saw the launch of sharjahverse, a digital twin of the Sharjah. Meta released their virtual reality goggles Meta Quest Pro during the Meta Connect event, meanwhile, Mark Zuckerberg offered a new image of his improved virtual avatar after being mocked by the world.
This will push the metaverse economy massively. Axie Infinity, Decentraland, The Sandbox and more are already ruling the market, with Axie being the biggest metaverse game to this date. Decentraland and The Sandbox have attracted top guns in their ecosystem. Decentraland will host the second Annual Metaverse Music Festival in November 2022.
The Sandbox has sealed some interesting partnerships in recent times. The game collaborated with the Warner Music Group. WMG announced that this collaboration will bring immersive music experiences and live concerts into their ecosystem. The game also features Snoop Dogg’s SnoopVerse, his own universe inside this virtual world.
Currently, SAND was trading at the market price of $0.78, Decentraland’s MANA at $0.65, and AXS was changing hands at $11.42. Though many predict that crypto winter may last longer than expected, the cryptosphere has the history to do something unexpected.
Disclaimer: All the views in this article are solely the views of the author. We are not responsible for any financial losses for the readers. Please DYOR before making any moves in the sector.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
