Tech

Assessing Avalanche’s weekly highlights and what to expect from AVAX

02/21/2023
Bitcoin Ethereum News
  • Avalanche’s TVL increased and so did market dominance and active addresses. 
  • Demand from the derivatives market remained stable and indicators were bullish.

AVAX Daily recently posted weekly highlights of the Avalanche ecosystem, revealing AVAX’s performance on several fronts during the last seven days.

As per the data, Avalanche had a comfortable week with growth in several aspects. For instance, AVAX’s daily active addresses increased by double digits last week, which indicated more activity on the network.

Its market capitalization and transaction count also registered an uptick in the past seven days. 

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

Apart from these, the coin’s Total Value Locked (TVL) metric also went up by nearly 5%.

Talking about Avalanche’s NFT ecosystem, Crabada dominated the space with the highest number of sales, followed by OG ODIN and OG THOR.

Santiment’s chart suggested that the overall NFT ecosystem grew as AVAX’s total NFT trade counts and trade volume in USD spiked.

Source: Santiment

Moreover, the coin’s performance on the social front was also optimistic, as its social mentions and social dominance increased by over 30%.

However, despite growth in several areas, Dune’s data revealed that Avalanche’s new monthly users registered a decline in February. 

Negative sentiments still prevail

Interestingly, AVAX’s price also remained in investors’ favor last week, thanks to the bullish market trend.

According to CoinMarketCap, its price increased by nearly 15% last week, and at press time, it was trading at $20.56 with a market capitalization of more than $6.4 billion.

AVAX received consistent demand from the derivatives market, as evidenced by its Binance funding rate, which was towards the upper side.

The coin’s 1-week price volatility, after a brief decline, went up. However, investors’ sentiments towards AVAX did not correspond to the aforementioned metrics as they remained mostly negative, which was concerning for the network.

Source: Santiment

How much are 1,10,100 AVAXs worth today?

A further uptrend is possible?

The daily chart of Avalanche revealed that the days could get even better for investors, as most of the market indicators were bullish.

Additionally, MACD displayed the possibility of a bullish crossover. AVAX’s Money Flow Index (MFI) was on a continued uptrend, which looked promising.

The Relative Strength Index (RSI) was also above the neutral mark, suggesting a price increment in the coming days. However, the Bollinger Band suggested that AVAX’s price was in a less volatile zone, which can restrict its price from going up in the coming days.

Source: TradingView

Source: https://ambcrypto.com/assessing-avalanches-weekly-highlights-and-what-to-expect-from-avax/