Concerns Among Investors Grow as GMX Abandons Avalanche

Recently, Artemis claimed that most of the GMX activity had moved from Avalanche to Arbitrum. Investors are also starting to leave Avalanche due to the unexpected report and as the future for AVAX appears bleak to them. It is noteworthy that GMX is, as of now, one of the biggest in terms of Total Value Locked.

The negative reviews concerning the switch have been growing drastically. Recent research from Santiment indicates that the native token of AVAX is experiencing a significant bearish outlook from its community. As with its TVL and volume, the price of AVAX could see a long-term decline.

Key Avalanche Levels To Watch – February 10

The daily chart’s overall trend is bullish, as indicated by the MA Cross. But there has been a change of character (CHOCH) to the downside. The price’s response to the significant resistance at the $22.796300 price level led to this CHOCH.

The market’s current trading range is defined by the swing high and swing low formed on January 1 and February 2, 2023, at $10.577300 and $22.796300 price levels, respectively. AVAXUSD might retrace into the discount before resuming the market’s overall trend.

Avalanche Key Levels

Resistance Levels: $37.867800, $30.867700, $22.796300
Support Levels: $14.609400, $10.577300, $9.291700

Total Market Capitalization: $1.01T
Avalanche Market Capitalization: $5.62B
Avalanche Volume: $0.14B
Market Rank: #16

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