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Avalanche Ends 2022 Down 10% – Will AVAX Recover That Loss This Week?

Avalanche saw a number of significant developments, which was encouraging for AVAX as it added value to the network. Before 2022 ended, the network announced that it had partnered with Dua.com, a SocialFi that Avalanche had chosen to develop its “Fi.”

The Avalanche ecosystem also grew ahead of 2023 as the total number of trade counts and the number of NFT-Trades in US dollars increased. AVAX engineers also announced the December 22nd release of Banff 5, the final version of their AvalancheGo software.

According to Avalanchees, Avalanche Warp Messaging (AWM) debuted with Banff 5, allowing its network-based blockchains to talk to each other.

SocialFi chooses Avalanche to build its “Fi”.

SocialFi is a trend that has come up lately with prominent projects popping up. @duadotcom is a name that cannot be ignored and recently its homepage officially announced its collaboration with #Avalanche.

Detail👇 pic.twitter.com/STB82o1zQp

— Avaxholic 🔺 (@avaxholic) December 30, 2022

Although several AVAX stats looked promising, market indicators warned that the company’s performance may not meet investors’ expectations.

According to CoinMarketCap data, AVAX was trading at $10.69 with a market value of nearly $3.3 billion at the time of writing. AVAX’s price has fallen more than 10% over the past seven days.

In addition, the AVAX Money Flow recorded index a retrograde decline. AVAX’s balance sheet volume is flat since the start of the new bear market, indicating a lack of large accumulation momentum.

Avalanche Ends 2022 Down 10% – Will AVAX Recover That Loss This Week?, Crypto Trading NewsDiagram: Mood

Chaikin Money Flow (CMF) also fell with MFI. The exponential moving average (EMA) band indicated a bearish market advantage that could prevent AVAX’s price from rising.

AVAX is down 90% of its value from this year’s highs. the cryptocurrency periodically experiences a lot of traction but frequently makes new lows.

Avalanche Ends 2022 Down 10% – Will AVAX Recover That Loss This Week?, Crypto Trading News

Although the price declines may be related to the ongoing difficulties in the general cryptocurrency market, AVAX failed to recover with the market.

The Avalanche network is one Blockchain, which enables smart contracts and enables fast and cheap transactions. However, AVAX has encountered numerous issues that are making it difficult for the cryptocurrency to continue its upward trajectory.

Avalanche Ends 2022 Down 10% – Will AVAX Recover That Loss This Week?, Crypto Trading News

AVAX Total Market Cap at $3.4 Billion on the Daily Chart | Chart: TradingView.com

More losses in sight?

A DEX on the Avalanche network known as Defrost Finance was infiltrated by a hacker last week, potentially damaging the network’s reputation.

According to PeckShield Inc, a company that provides crypto security analysis, the attacker was able to grab $12 million.

These attacks on his DeFiecosystem may impact the overall TVL collected by the network. AVAX TVL is down from $903.03 million to $787.03 million over the past month, according to DefiLlama.

Meanwhile, the daily chart suggested that AVAX investors may face additional losses in 2023, giving its holders little respite as the 2022 trading year draws to a close.


Source: Crypto News Deutsch

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