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Avalanche: NFT gaming gets another boost, but AVAX faces key battle

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Avalanche: NFT gaming gets another boost, but AVAX faces key battle
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  • Avalanche’s NFT growth trajectory had been erratic in the last few days.
  • AVAX increased by over 16% over the last week, faced key resistance level at press time.

On 21 February, Avalanche [AVAX] announced its partnership with the Indian game streaming platform Loco, to launch an NFT marketplace for Esports fans. Titled Loco Legends, the metaverse platform will allow users to collect and trade digital collectibles of Esports superstars.

Read Avalanche’s [AVAX] Price Prediction 2023-24

GameFi has become one of the fastest growing industry verticals in the cryptocurrency sector. With the latest deal, Avalanche added one more high-profile project to its expanding GameFi ecosystem.

Avalanche’s NFT activity lacks consistency

Avalanche saw sustained growth in its NFT ecosystem of late. As per the latest weekly highlights report, Crabada, one of the most sought-after NFT gaming marketplaces, recorded sales of over 2400 in the last seven days.

The result of the latest deal with Loco reflected instantly on its key NFT metrics. As per data from Santiment, the NFT trade volume more than tripled while the total number of NFT transactions rose as well.

Source: Santiment

It was pertinent to note that the NFT growth trajectory for Avalanche had been erratic in the last few days. As pointed out in the graph, there were days when the volume saw a sharp uptick, possibly reacting to a major launch or partnership. However, the trading activity dipped considerably in the following days.

AVAX faces key test

A large part of Avalanche’s network traffic is driven by action on its NFT front. Unsurprisingly, the inconsistencies seen with NFTs were passed on to its key performance indicators like transaction fees and daily active users.

The last seven-day reading of the two metrics from Token Terminal presented a very similar growth trajectory to what was seen in the case of NFTs.

Source: Token Terminal

Realistic or not, here’s AVAX’s market cap in BTC terms

AVAX increased by over 16% over the last week, data from CoinMarketCap showed. At press time, it faced resistance at the important level of $20.14, which was visited twice over the past month but faced rejection soon after. A sharp move past this level will thus validate a bullish scenario.

The Relative Strength Index (RSI) increased over the past week and hovered above the neutral 50 level, indicating that bulls started to take control. Moreover, the Moving Average Convergence Divergence (MACD) gave hopes of a bullish crossover. The On Balance Volume (OBV) advanced as well, strengthening the bullish narrative.

Source: Trading View AVAX/USD

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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