Journalist
Posted:
- Avalanche welcomes South Korean game developer NEOWIZ to Arcad3
- AVAX is backing from the June low and could be approaching the bottom of the cycle
WEB3 gaming is rapidly gaining momentum and Avalanche [AVAX] is one of the networks looking to secure their place in this emerging segment. Games like Axie Infinity have shown that robust value and potential can be unlocked.
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Avalanche demonstrated its commitment to the WEB3 gaming segment through the Arcad3 program. The latter was created to facilitate fast and easy onboarding of game developers in the blockchain segment. Avalanche’s latest announcement underlines its efforts in 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.
“With this partnership, Intella X and Ava Labs will actively share their expertise in Web3 gaming technology, network and operational know-how.”
Taegeun “Andrew” Bae, co-CEO of NEOWIZ.— Avax 🔺 (@avax) September 7, 2023
The announcement represented Avalanche’s latest effort to secure a larger slice of the WEB3 gaming pie. The network aimed to achieve this by becoming an attractive blockchain that allows game developers to deploy their products in the WEB3 setting. The new partnership with NEOWIZ and Intella X highlights a strategic move toward achieving that goal.
Will AVAX Turn Amid Bearish Exhaustion?
We previously saw a bullish attempt on AVAX in the last week of August, but that effort was short-lived. The bears regained control and sent the cryptocurrency back to the same low range as in August.
However, the consolidation near the same zone suggested that the support level remained strong near the USD 9.76 level.
Source: TradingView
AVAX’s Money Flow Index (MFI) has already shown signs of gradual accumulation, but this has not been enough to produce a substantial bullish outcome so far. Nevertheless, it does indicate that demand is making a comeback close to current levels. In addition, recent support was tested earlier in June this year and in June 2021.
The same level of support already fueled bullish sentiment. This was evident given the weighted sentiment metric of the altcoin, which has been steadily on the up since Sept. 4. This was evidence that more investors were expecting a bullish outcome.
Source: Sentiment
This week also saw a pivot in AVAX USD outstanding by exchange. Another sign that the liquidity flow has changed in favor of the cryptocurrency.
How much are 1,10,100 AVAXs worth today?
While there is certainly room for more downsides, it’s worth noting that AVAX recently dropped to a new 2023 low. The current price level represents a 55% drop from its 2023 high and 93% from its all-time high. The large discount could further support the idea that AVAX has reached or may be approaching its cycle bottom.