Avalanche (AVAX) slides 13% despite being added by OpenSea NFT Marketplace by DailyCoin

Avalanche (AVAX), the cryptocurrency behind the blockchain, has fallen by 13% in the last 7 days, even despite many successful partnerships. The powerful scaling solution known for high-speed and cheap transactions aims to challenge (ETH), but must face the music of the ongoing RSI-infused crypto winter with double-digit losses.

$AVAX is moving lower and trading below key moving averages, with the RSI in a deeply oversold position. On the other hand, the MACD is slowly rising, indicating that the bearish trend may be coming to an end… pic.twitter.com/6ZZZeuQi1k

— Bitpanda Pro (@BitpandaPro) October 13, 2022

Avalanche (AVAX) is falling behind in the NFT market

Despite the recent 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 over $2 million in total trading volume in the NFT space for Avalanche (AVAX). Ultimately, one of its main competitors (SOL) surpassed Avalanche (AVAX) by selling $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. Without the NFT heavy hitters, Avalanche (AVAX) still managed to take home $350 million with Web3 games Crabada & Yield Hunt Hunters.

However, Ava Labs’ business development manager Dominic Carbonaro seems unfazed by the situation, pointing out that “The creators here are just scratching the surface”. The blockchain gives its users a unique identity and “passion to experiment with both the art and applications of NFTs”, therefore Avalanche (AVAX) may just be poised to slide into the NFT mountain.

Coinbase (NASDAQ: ) users are on a buying spree

As the market price of Avalanche (AVAX) falls further, trading sentiment on Coinbase indicates that 9 out of 10 users are buying Avalanche (AVAX), rather than selling. Although the Crypto Fear & Greed Index points to “Extreme Fear”, users of the most popular US crypto platform tend to believe that it is a great buying opportunity.

At press time, the #18 ranked altcoin Avalanche (AVAX) is trading at $14.94, according to CoinGecko. This marks a 6.7% drop in the last 24 hours and a weekly loss of 13.9%. Furthermore, the “Ethereum (ETH) Killer” is close to a full pullback from its all-time high of $144.96. This comes even after Gemini, one of the top retail crypto platforms, announced the addition of the floating altcoin.

Trading pairs for $AVAX on @Gemini is live now! Join Spaces to hear more from @SJohn_Nahas about the new listing and upcoming developments at #Avalanche . https://t.co/aGvOFmIYAp

— Avalanche (@avalancheavax) October 12, 2022

On the other side

• Avalanche’s (AVAX) total market cap fell by 1.5 billion, from 5.9 billion to 4.4 billion in just 30 days.
• Avalanche (AVAX) is Proof Of Stake, which provides 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) in OpenSea, among other recent partnerships, could significantly increase the overall market cap of crypto.

Find out what’s happening in the mercurial world of altcoins:

Binance now supports TerraClassic USD (USTC) as a lendable asset on its lending platform

(SHIB) Being accepted by Google (NASDAQ:) Cloud via Coinbase Commerce

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