The Avalanche NFT ecosystem got some good news when NAKAVERSE went multichain.
A few metrics and market indicators favored sellers.

Avalanche [AVAX] The NFT ecosystem received some good news on Jan. 23, which could help the network record growth in the field. Nakamoto Games, a metaverse ecosystem, recently announced that NAKAVERSE was ready to go multichain. They started integrating NFTs with Dogecoin [DOGE] and would soon add other networks, including Avalanche.

Read Avalanche [AVAX] Price prediction 2023-24

However, Avalanche’s performance in its NFT space was not up to par. Santiment’s chart revealed that AVAX’s total NFT trades and total USD NFT trading volume have declined over the past seven days.

Source: Sentiment

Aside from the NFT space, Avalanche validators also got another chance. DeepSquare, a decentralized cloud computing ecosystem, revealed it was looking for 10 Avalanche validators to validate DeepSquare’s subnet.

How did AVAX go?

AVAX has been making its investors laugh for several days by posting promising profits. CoinMarketCaps data revealed that the price of AVAX is up 8% in the past seven days, and at the time of writing, it was trading at $18.33 with a market cap of over $5.7 billion.

However, AVAX failed to remain popular in the crypto community as social dominance waned in recent days. Nevertheless, according to Lunar CrushAVAX increased its market dominance. AVAX’s development activity also moved north, which was a positive sign.

Source: Sentiment

Realistic or not, here it is AVAX market cap in terms of BTC

Misery lurks around the corner

Some market indicators suggested that the bears would take control of the market. The MACD showed the possibility of a bearish crossover, which could trigger a price drop. AVAXThe Money Flow Index (MFI) was in the overbought zone.

The Chaikin Money Flow (CMF) also registered a downtick, favoring the sellers. However, AVAX’s On Balance Volume (OBV) remained bullish as it moved up.

Source: TradingView





This post Why Avalanche investors should remain cautious despite these new updates

was published first on https://ambcrypto.com/why-avalanche-investors-should-maintain-caution-despite-these-new-updates/

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