AVAX has a bleak response as bears gain control of Avalanche. Assessing…

• AVAX’s market cap was up by 24.03% as per data from AVAX daily.
• However, its performance on the NFT and price front painted a disappointing picture. 

Avalanche Daily, a Twitter handle that posts important updates about the Avalanche [AVAX] ecosystem tweeted the week’s NFT highlights on 20 April. As per the tweet, at the time of writing, AVAX stood with a market cap of $27.51 million with a volume of $20.48k.

Although AVAX’s market cap was up by 24.03%, the network’s volume witnessed a downfall of 21.38%. Furthermore, the tweet also highlighted a 44.76% drop in NFT sales with the number at 833 as of 20 April.

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

Laying low this quarter?

Data from the intelligence platform Santiment showed that the number of NFT trades on the Avalanche network witnessed a sharp decline. At press time, this number was down to 771 from a high of 3094 the network witnessed on 13 April.

Furthermore, development activity on the chain also witnessed a fall to stand at 30.19 at the time of writing. This was a clear indication that not as many developers were actively contributing toward developing the network.

Source: Santiment

Data from Santiment also pointed out that AVAX’s weighted sentiment wasn’t at its best. This indicated that investors didn’t exactly have a positive outlook toward the network at press time.

However, contrary to the information given above, AVAX’s social dominance witnessed a spike. This indicated that there was much chatter about the Avalanche network on the social front.

Source: Santiment

Can AVAX offer some support here?

At the time of writing, AVAX was exchanging hands at $18.748 and stood in the red. AVAX’s Relative Strength Index (RSI) was seen in freefall and stood at 52.74. Considering the sharpness of the plummet, it could be interpreted that the RSI could hit the oversold region over the next few days if selling pressure continued to increase.

The Awesome Oscillator (AO), although above the zero line, did flash red bars at the time of writing. However, it could change course considering AVAX’s ongoing performance.

The Moving Average Convergence Divergence (MACD) indicator denoted that the MACD line was gradually moving toward the signal line. Additionally, it is just a matter of time before the MACD line crosses the signal line thus confirming a bearish bias toward AVAX.

Source: TradingView

How much are 1,10,100 AVAXs worth today?

As per data from CoinMarketCap, at the time of writing, AVAX dropped by 5.87% in the last 24 hours and 2.70% in the last seven days. Furthermore, as per data from DeFiLlama, Avalanche’s Total Value Locked (TVL) as of 20 April stood at $830.65 million with a 6.31% drop in the TVL.

Source: DeFiLlama