Avalanche (AVAX), the cryptocurrency behind the Avalanche blockchain, has slipped by 13% in the last 7 days, even despite numerous successful partnerships. The powerful scaling solution that is known for high speed and cheap transactions aims to challenge Ethereum (ETH) but has to face the music of the ongoing RSI-infused crypto winter with double-digit losses.
$AVAX is moving lower and trading under key moving averages, with RSI in a deeply oversold position. On the other hand, MACD is slowly rising, indicating that the bearish trend could end... pic.twitter.com/6ZZZeuQi1kAvalanche (AVAX) Is Falling Behind in The NFT Market— Bitpanda Pro (@BitpandaPro) October 13, 2022
Despite the breaking news that OpenSea, the top NFT marketplace, has added support for Avalanche (AVAX), the numbers indicate that the ambitious blockchain is barely noticeable in the NFT world.
To illustrate, there was just slightly above $2 million in total trading volume in the NFT space for Avalanche (AVAX). Ultimately, one of its main competitors Solana (SOL) outshined Avalanche (AVAX) by selling over $130 million worth of non-fungible tokens (NFTs).
Not making a mark in the NFT world is evident in the fact that the TOP 10 Avalanche NFT projects include “Smol Lands”, “Smol Joes”, “Smol Creeps”, among others. With no NFT heavy hitters, Avalanche (AVAX) still managed to take home $350 million with the Web3 games Crabada & Yield Hunt Hunters.
However, Ava Labs’ Business Development Head Dominic Carbonaro seems to be unflustered by the situation and points out “Creators here are still just scratching the surface”. The blockchain gives its users a unique identity and “passion for experimenting with both the art and applications of NFTs”, therefore Avalanche (AVAX) might just be ready to slide into the NFT mountain.
Coinbase (NASDAQ:COIN) Users Are On A Buying Spree
As Avalanche (AVAX) market price slips further, the trading sentiment on Coinbase indicates that 9 out of 10 users are buying Avalanche (AVAX), rather than selling. Even though the Crypto Fear & Greed Index points at ‘Extreme Fear’, users of the most popular American crypto platform tend to believe it’s a great buying opportunity.
At press time, the #18 ranked altcoin Avalanche (AVAX) trades at $14.94, according to CoinGecko. This marks a 6.7% slip in the last 24 hours and a 13.9% weekly deficit. Furthermore, the “Ethereum (ETH) Killer” is near full retraction from its all-time high at $144.96. This comes even after Gemini, one of the top retail crypto platforms, announced the addition of the slipping altcoin.
Trading pairs for $AVAX on @Gemini are live now! Join the Spaces to hear more from @SJohn_Nahas about the new listing and upcoming developments on #Avalanche. https://t.co/BkBhA6E5GF https://t.co/aGvOFmIYApOn the Flipside— Avalanche (@avalancheavax) October 12, 2022
- Avalanche’s (AVAX) total market cap tumbled by 1.5 billion, from 5.9B to 4.4B in just 30 days.
- Avalanche (AVAX) is Proof Of Stake, which gives an advantage in terms of retail adoption.
Why You Should Care
Avalanche (AVAX) is one of Ethereum’s (ETH) main competitors along with Solana (SOL). Successful implementation of Avalanche (AVAX) into OpenSea, among other recent partnerships, can significantly increase the total market capitalization of crypto.
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