A widely followed trader thinks one gaming project on Ethereum (ETH) will be the Axie Infinity (AXS) of this cycle.
In 2021, AXS was one of the best-performing coins, pulling off a 174,900% gain when the gaming altcoin rallied from around $0.10 to $175.
Now, pseudonymous trader Criptopaul tells his 107,600 followers on the social media platform X that Heroes of Mavia (MAVIA), another play-to-earn game, may have similar potential as AXS, partially because of its backing by several large seasoned venture capital firms.
Says the trader,
“Added MAVIA quite heavily here at $3.33. I talked about it on my Twitter before the launch and I still think it is the best Web3 game in the crypto space that is really bringing games and concepts from Web2 to Web3, one of the most adopted and mentioned games from users and on YouTube.
I believe it is going to be the AXS of this cycle, with 15-20x potential ROI (return on investment). Basically backed by the top tier 1 funds/venture capital in this space like Binance Labs, Hashkey, Delphi Digital, then Animoca Brands, Merit Circle, Genblock.”
According to Criptopaul, from a shorter-term perspective, the $5 area may be the first resistance level for MAVIA to overcome.
“From TA (technical analysis) perspective I believe we will see $5 rebound very fast so where you could cut some profits and hold the rest, this big dip that overwhelmed the market but created great opportunities like this.”
Criptopaul also says he’s anticipating a sudden move in the Ethereum versus Bitcoin pair (ETH/BTC), which is often used as a bellwether for altcoin strength.
“People will be caught by surprise by ETH/BTC pump and altcoin with that
-many have been left out
-confidence in the market will take a long time to recover for retails and users
This will be the cause, this is also the cause of the simple rule ‘buy when there is blood in the streets,’ but so difficult for many to apply.”
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The post Crypto Trader Turns Bullish on Ethereum-Based Altcoin, Says Project Will Be Axie Infinity of This Cycle appeared first on The Daily Hodl.
