Konami Embraces Avalanche to Launch NFT Platform, Good for AVAX?

22 June 2024

in Meta News

Reading Time: 3 mins read

Konami’s partnership with Avalanche could significantly boost AVAX adoption.
Securitization Europe completed the first on-chain secondary transaction in Spain for tokenized financial instruments on Avalanche.

The well-known game series maker Konami has embraced Avalanche (AVAX) to enter the blockchain market. Konami’s first foray into blockchain technology; the partnership seeks to create a new NFT platform called “Resella.” This alliance should greatly increase the environment of Avalanche’s acceptance.

KONAMI is building a blockchain.

Resella, a gaming focused L1 powered by Avalanche, is the latest innovation from a company that’s made video games for half a century.

Crafted to meet the needs of both game developers and users, here’s what to expect from @Konami’s Resella.???? pic.twitter.com/9gs72LaSm0

— Avalanche ???? (@avax) June 20, 2024

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Crypto Analyst Predicts AVAX Expansion

Crypto analyst Dan Johnson just tweeted his upbeat prediction for AVAX, saying it will grow after a time of price consolidation. Johnson feels that the large user base of Konami might generate a lot of interest and draw new users to the Avalanche network.

[crypto-donation-box]

Source: Dan Johnson on X

Johnson’s forecast was evaluated in detail by looking at statistics on development activity, social volume, and feelings. Data on social volume varied greatly, with big peaks occurring at the time of the Konami alliance announcement. This points to short-term possible market turbulence.

Data on development activities also showed multiple surges in the last several days. A clear increase seen today is probably related to the Konami news, which suggests a long-term bullish market mood.

Long/Short Ratio and Market Control

extensive analysis of Coinglass’s long/short ratio showed that just 16.12% of holdings were short and 83.33% of them were long. This suggests that bullish investors presently rule the market, which may be in line with the excitement around the Konami collaboration and a possible price spike for AVAX.

Meanwhile, CoinMarketCap data show that AVAX is now worth about $27.34, down 1.27% in the previous day. AVAX has displayed a bearish trend during the last seven days, falling by 9.54%.

The analyst predicts a bullish rise, and the assessed market mood confirms this. AVAX might climb to the $29.22 resistance zone before maybe breaking through to go for $39.46. Should the positive momentum be insufficient, the price may retreat from the resistance zone and fall further lower.

On the other hand, a prior CNF report highlighted that Securitization Europe just finished the first tokenized financial instrument on Avalanche on-chain secondary transactions in Spain.