Is This Metaverse Token a Good Buy?

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The Para­dox price has been under pres­sure in the past few days as enthu­si­asm for the coin waned. It was trad­ing at $0.065, which was about 30% below the high­est lev­el this month. It remains about 45% above the low­est lev­el in Novem­ber, giv­ing it a mar­ket cap of over $830k, accord­ing to CoinMarketCap.

What is Paradox?

Para­dox is a small and upcom­ing blockchain project in the gam­ing indus­try. The devel­op­ers are build­ing an open-world, action-adven­ture bat­tle royale game. It is a free-to-play game where win­ners are reward­ed using the $PARADOX coin, which they can redeem in exchanges.

Accord­ing to the web­site, Paradox’s ecosys­tem will be much wider than that of oth­er gam­ing and meta­verse plat­forms. The devel­op­ers hope to cre­ate Paraswap, a decen­tral­ized exchange that will make it pos­si­ble for peo­ple to trade dig­i­tal assets.

Paradax is pow­ered by ParaDAO, which will be the network’s decen­tral­ized autonomous orga­ni­za­tion (DAO). The orga­ni­za­tion, which any­one can join, will make all deci­sions of the net­work. Accord­ing to its roadmap, the Para­dox meta­verse game will be launched in the fourth quar­ter. It will be fol­lowed by the launch of Paraswap DEX in the sec­ond quar­ter of 2023. Final­ly, they will launch the lay­er 1 net­work in the third quar­ter of the year.

Still, there are chal­lenges for invest­ing in Para­dox. The most impor­tant is that the meta­verse has not been launched yet. At the same time, most of the exist­ing meta­verse and gam­ing plat­forms like Sand­box have seen their growth dete­ri­o­rate. There are also con­cerns about whether the indus­try will thrive. Fur­ther­more, Para­dox is a high­ly illiq­uid coin that is not offered by most exchanges.

Paradox price forecast

The 30-minute chart shows that the Para­dox price has been in a tight range in the past few days. It was trad­ing at $0.0660, where it has been this week. The coin moved below the descend­ing trend­line shown in green. It is also con­sol­i­dat­ing at the 25-peri­od mov­ing aver­age while the MACD and the Rel­a­tive Strength Index (RSI) are at the neu­tral levels.

There­fore, there is a like­li­hood that the coin will remain in a tight range for a while. A move above the resis­tance at $0.074 will sig­nal that bulls have pre­vailed and will see it ris­ing. How­ev­er, in the long term, the out­look for the coin is bearish.

Paradox price

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