Connect with us
Active Currencies 12906
Market Cap $2,255,665,151,831.80
Bitcoin Share 49.66%
24h Market Cap Change $3.12

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

2min Read
Avalanche: NFT gaming gets another boost, but AVAX faces key battle

Share this article

  • 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


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.