- Avalanche’s NFT growth trajectory has been uncertain in recent days.
- AVAX is up more than 16% last week, facing key resistance levels at press time.
On February 21, Avalanche (AVAX) announced its partnership with 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 from esports superstars.
India’s largest eSports streaming platform Loco brings together its 50+ million users #avalanche with the release of @LegendsByLocoAn NFT marketplace for esports fans around the world.
Loco Legends aims to revolutionize fantasy sports on the subnets. @GetCrazyNow #select avalanche pic.twitter.com/Q8i74Kh8jR
— Avalanche 🔺 (@avalancheavax) February 21, 2023
Reading Avalanche (AVAX) Price Prediction 2023-24
GameFi has become one of the fastest growing industry verticals in the cryptocurrency space. With the latest deal, Avalanche adds another high-profile project to its sprawling GameFi ecosystem.
Avalanche’s NFT activity lacks consistency
Avalanche has seen steady growth in its NFT ecosystem of late. According Latest weekly featured reportCrabada, one of the most searched NFT game marketplaces, has recorded over 2,400 sales in the past seven days.
The result of the latest deal with Loco was immediately reflected in their key NFT metrics. According to Sentiment data, NFT transaction volume more than tripled, while the total number of NFT transactions also increased.
It was pertinent to note that the NFT growth trajectory for the Avalanche has been erratic in recent days. As indicated on the chart, there were days when volumes experienced a sharp increase, possibly in reaction to a major launch or partnership. However, trading activity slowed down significantly in the following days.
AVAX faces a critical test
A large portion of Avalanche’s network traffic is driven by actions on its NFT front. Unsurprisingly, the discrepancies seen with NFTs carried over to key performance indicators such as transaction fees and daily active users.
The readings of the last seven days of the two Token Terminal metrics presented a similar growth trajectory to that observed in the case of NFTs.
Source: Token Terminal
realistic or not, here it is AVAX market capitalization in terms of BTC
AVAX rose more than 16% over the past week, data from coin market cap Has shown. At press time, he faced resistance at the crucial $20.14 level, which he had visited twice in the last month but faced rejection soon after. A sharp move from this level would validate a bullish scenario.
The Relative Strength Index (RSI) rose last week and held above the neutral 50 level, indicating that the bulls are starting to take over. Also, the moving average convergence divergence (MACD) gave hope for a bullish crossover. On Balance Volume (OBV) also advanced, strengthening the bullish narrative.
Source: TradingView AVAX/USD
