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Why Avalanche investors should maintain caution despite these new updates 

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Avalanche investors should be cautious despite of these new updates 
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  • Avalanche’s NFT ecosystem got good news as NAKAVERSE went multichain. 
  • A few metrics and market indicators were in sellers’ favor.

Avalanche’s [AVAX] NFT ecosystem got good news on 23 January, which could help the network register growth in the field. Nakamoto Games, a metaverse ecosystem, recently announced that NAKAVERSE was poised to go multichain. They began by integrating NFTs with Dogecoin [DOGE] and would soon add other networks, including Avalanche. 

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

However, Avalanche’s performance in its NFT space was not up to the mark. Santiment’s chart revealed that AVAX’s total NFT trade counts and total NFT trade volume in USD declined over the last seven days. 

Source: Santiment

Apart from the NFT space, Avalanche validators also got a new opportunity. DeepSquare, which is a decentralized cloud computing ecosystem, revealed that it was looking for 10 Avalanche validators to validate DeepSquare’s subnet.  

How has AVAX been?

AVAX has been making its investors smile for quite a few days now by registering promising gains. CoinMarketCap’s data revealed that AVAX’s price increased by 8% in the last seven days, and at press time, it was trading at $18.33 with a market capitalization of over $5.7 billion.

However, AVAX failed to remain popular in the crypto community, as its social dominance decreased over the last few days. Nonetheless, as per LunarCrush, AVAX increased its market dominance. AVAX’s development activity also moved northward, which was a positive signal.

Source: Santiment

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

Trouble is around the corner

A few market indicators suggested that the bears were going to take over control of the market. The MACD displayed the possibility of a bearish crossover, which could cause a price drop. AVAX’s Money Flow Index (MFI) was in the overbought zone.

The Chaikin Money Flow (CMF) also registered a downtick, which was a move in the sellers’ favor. AVAX’s On Balance Volume (OBV), however, remained bullish as it went up.

Source: TradingView

 

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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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