Why Avalanche Investors Should Be Cautious Despite These New Updates

  • Avalanche’s NFT ecosystem got good news when NAKAVERSE went multi-chain.
  • Some of the metrics and market indicators were in favor of the sellers.

avalanches [AVAX] The NFT ecosystem received good news on January 23, which may help the network register growth in this field. Nakamoto Games, a metaverse ecosystem, recently announced that NAKAVERSE was ready for multi-series action. They started by integrating the NFT with Dogecoin [DOGE] It will soon add other networks, including Avalanche.

Read avalanches [AVAX] predict the price 2023-24

However, Avalanche’s performance in the NFT space has not been up to the mark. Santiment chart revealed that total AVAX NFT trading volume and total USD NFT trading volume decreased over the past 7 days.

Source: feeling

In addition to the NFT space, Avalanche validators also got a new opportunity. DeepSquare, a decentralized cloud computing ecosystem, revealed that it was looking for 10 Avalanche validators to validate the DeepSquare subnet.

How was AVAX?

afax It has been making its investors smile for a few days now by posting promising profits. CoinMarketCap’s data It revealed that the price of AVAX increased by 8% over the past seven days, and was trading at the time of writing this report at $18.33 with a market capitalization of more than $5.7 billion.

anyway, afax It failed to maintain its popularity in the crypto community, as its social dominance has been waning in recent days. However, according to LunarCrushAVAX has increased its market dominance. AVAX development activity also moved north, and that was a positive sign.

Source: feeling

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

Trouble is just around the corner

Some market indicators indicated that the bears would take over the market. The MACD has indicated that a bearish cross is likely to occur, which could cause the price to drop. afaxThe Money Flow Index (MFI) was overbought.

Chaikin Money Flow (CMF) was also lower, a move in favor of sellers. However, Avax’s On Balance Volume (OBV) remained bullish as it climbed.

Source: TradingView

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