Monero [XMR]: Bears should be cautious about the $157.1 support
Breaking: FTX CEO is considering restarting crypto exchange
Is MANA outcompeting SAND in terms of popularity? Data suggests…
Dogecoin sees a short-term rejection at resistance, will $0.075 be tested next?
This country launches stablecoin on Ethereum and Algorand… Details inside
Bitcoin Exchange Balance hits 4-year low: How will this impact BTC?
Bitcoin exchange supply maintains the drop, but will BTC’s resurgence change its fortune
Bitcoin on a bullish streak in January 2023: All that’s positive for the king coin so far
Bitcoin [BTC]: What you should expect following 2023’s 23% rally
Bitcoin’s Open Interest and demand level is key to short-term posture: Here’s why
ETH whales start favoring Shiba Inu, but can it sustain the rally?
Ethereum sees an increase in these metrics as Shanghai Upgrade nears
Ethereum [ETH]: Bears gear up to draw curtains on recent price rally
Ethereum once again has become deflationary, here’s how
Ethereum’s latest update could get ETH holders excited for 2023 because…
The Avalanche layer 1 blockchain recently announced interesting developments that may reveal more about what to expect in 2023. This includes a deeper focus on the NFT industry through strategic partnerships.
Read Avalanche (AVAX) price prediction 2023-2024
According to one of Avalanche’s latest announcements, the network has teamed up with Shopify for an NFT-related venture. The partnership will allow Shopify merchants to make eco-friendly NFT collectibles that will be distributed through the Venly Shopify NFT app. This development has the potential to boost NFT transactions on the Avalanche blockchain.
Avalanche and @Shopify are joining forces to enable millions of Shopify merchants to create eco-friendly digital collectibles for the masses with the @Venly_io Shopify NFT App.
Shopify merchants can quickly start selling #Avalanche NFTs right from their own store! pic.twitter.com/WOwoV0oCYh
— Avalanche 🔺 (@avalancheavax) January 5, 2023
Avalanche also aims to facilitate a solid WEB3 gaming experience this year. It aims to achieve this through a partnership with MetaOPs. Why is this an important development?
Well, this is among the pioneer FPS games to be rolled out via a blockchain network. Gaming is a multi-billion dollar industry and this development may allow Avalanche to tap into the robust potential growth in the segment.
Prepare for an unparalleled gaming experience with #MetaOps! This fast-paced 6v6 first-person shooter is building on and partnering with #Avalanche🔺
Developed with a gamer-first approach, players can look forward to action-packed multiplayer gameplay🎮
Check it out below👇 pic.twitter.com/0jgEf6RwiB
— MetaOps ™ – Tactical FPS Game (@MetaOpsGaming) January 5, 2023
These developments will likely boost Avalanche NFTs. Over the last 12 months, the network’s total NFT trades volume dropped substantially. However, we do see some slight stimulation in the same metric in the last two weeks.
These developments underscore more growth opportunities for the Avalanche network. They may also lay the foundation for more utility and demand for AVAX. This is likely to be the case in the long run but what about the short term?
Multiple on-chain metrics currently support a higher probability of a sentiment shift in favor of the bulls. For example, Avalanche development activity has been declining for most of December but it managed to pivot in the last four days.
Similarly, Avalanche’s market cap is up by roughly $322 million so far this month. This is proof that there is significant accumulation. This demand also reflects observations in the derivatives market.
The Binance and DYDX funding rates also improved since the start of January. These indicators confirm that AVAX derivatives demand is on the rise.
How many AVAXs can you get for $1?
Despite the above favorable changes, AVAX only managed to rally by as much as 16% from its December lows. This means there are still a lot of untapped upsides as weak demand fails to yield a substantial rally. AVAX traded at $11.82 at the time of writing, after struggling to push above the 50-day MA.
Avalanche’s recent developments may help boost the market sentiment for AVAX. Perhaps this may lead to a stronger bullish outcome further down the line but that remains to be seen.
CAKE enthusiasts can look for these signs to maximize gains on their investments
DOT investors can expect a continued rally only if this metric upholds its position
Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Could Avalanche [AVAX] witness a drop this week? These metrics suggest…
avalanches [AVAX] confirms plans to host a new stablecoin called USP
Avalanche seeks dominance in DeFi through these strategic moves
Avalanche’s bull rally might come to a halt because of these factors
avalanches [AVAX] gains 25% in a day, thanks to the Amazon AWS
Avalanche investors could be disoriented as AVAX exhibits these signs
Your email address will not be published.
Save my name, email, and website in this browser for the next time I comment.
Δdocument.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.