Avalanche $AVAX price rallied on news of an integration with Amazon, but on-chain and historical data suggest the development will not fuel a sustainable rally.
like DeFi Kingdoms and Swimmer Network. While the growth of subnets enhance Avalanche’s ecosystem, it doesn’t bring direct value to AVAX holders because the security and tokenomics of subnets can be independent of the primary Avalanche blockchain.
The funding rates recovered to the neutral territory after last week’s price surge. It effectively emptied the fuel which was causing the current bull run.“Smart money” wallets identified by Nansen deposited AVAX worth $2.3 million during that period. Additionally, venture funds and market makers, including Jump Capital, Wintermute Trading and Longling added $1.3 million to the net inflow. The total inflow of AVAX to exchanges over the second week of January 2023 was $8.025 million.
The Moving Average Convergence Divergence indicator shows early signs of topping out, with buying volumes taking a dive.In the AVAX/BTC pair, the move encountered resistance from the support and resistance level of 0.000834 BTC, which is also where the 100-day EMA currently lies. If buyers fail to conquer this level, a drop toward 0.000642 BTC is expected, with a chance of reaching 0.000465 BTC.Moreover, the broader altcoin market capitalization has already tapped its bullishat $563 million.
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