While AVAX may haven’t been at its best on the price front, the network was definitely making some waves in the Web3 segment. However, will Avalanche’s latest announcement push AVAX away from the bears?
- Avalanche welcomes South Korea’s gaming developer NEOWIZ to Arcad3
- AVAX support at June lows and could be approaching the cycle bottom
WEB3 gaming is rapidly gaining momentum and Avalanche [AVAX] is among the networks looking to secure their place in this budding segment. Games like Axie Infinity demonstrated that there is robust value and potential to be unlocked.
Avalanche demonstrated its commitment to the WEB3 gaming segment through the Arcad3 program. The latter was created to facilitate rapid and easy onboarding of game developers onto the blockchain segment. Avalanche’s latest announcement underscores its efforts in the space.
The network also recently confirmed that NEOWIZ, one of the largest gaming companies in South Korea was part of Arcad3. NEOWIZ’s publishing division called Intella X will also be part of the development.
The announcement represented Avalanche’s latest efforts to secure a bigger share of the WEB3 gaming pie. The network aimed to achieve this by becoming an attractive blockchain through which game developers can deploy their products in the WEB3 setting. The new partnership with NEOWIZ and Intella X highlights a strategic move towards achieving that goal.
Will AVAX pivot amid bearish exhaustion?
We previously observed a bullish attempt on AVAX in the last week of August but that effort was short-lived. The bears regained control sending the cryptocurrency back to the same low range observed in August.
However, the consolidation near the same zone suggested that the support level was holding strong near the $9.76 level.
AVAX’s Money Flow Index (MFI) already showed signs of gradual accumulation but it has not been enough to yield a substantial bullish outcome so far. Nevertheless, it does indicate that demand is making a comeback near the current level. In addition, the recent support was previously tested in June this year and in June 2021.
The same support level was already attracting bullish sentiment. This was evident considering the altcoin’s weighted sentiment metric which has been on a steady upside since 4 Spetember. This stood as proof that more investors anticipated a bullish outcome.
This week also brought forth a pivot in AVAX’s open interest in USD per exchange. Another sign that liquidity flow has changed in favor of the cryptocurrency.
While there is certainly still some room for more downside, it is worth noting that AVAX recently dipped to a new 2023 low. Its current price level represents a 55% dip from its 2023 high and 93% from its all-time high. The large discount could further support the idea that AVAX reached its cycle bottom or could be approaching it.
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