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.