Avalanche price skyrocketed 35% from $12.23 to $16.55 mid-week. This followed the news that Ava Labs, the company behind the Avalanche blockchain project, had partnered with Amazon Web Services (AWS) to scale blockchain solutions access to institutions, governments and enterprises. It is expected that the news will sustain AVAX’s recovery to higher levels.
Avalanche’s Strategic Partnership With Amazon Web Services
The 2022 crypto bear market has weighed down prices of most altcoins. That is why Avalanche needed positive fundamentals to breach a stubborn resistance level. Such support came from an announcement that the Layer 1 blockchain had partnered with AWS to scale the adoption of blockchain projects to institutions and governments.
It’s official! @Amazon #ChoseAvalanche to bring scalable blockchain solutions to enterprises and governments ?#AWS fully supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment, offering the best tooling for these high compliance use cases. pic.twitter.com/syInSrU9XD
— Avalanche ? (@avalancheavax) January 11, 2023
According to the agreement, Avalanche’s decentralized application (dApp) ecosystem and infrastructure will be supported by AWS through its markets spread across over 100 countries. The partnership is aimed at making it easier for developers to launch and manage nodes on the Avalanche network while also focusing on giving the network more flexibility and strength to users.
The agreement also makes Ava Labs part of the Amazon Partner Network (APN) that gives customers access to its custom offerings on the AWS platform. The collaboration also includes the blockchain company joining the AWS Activate program that assists startups and early-stage entrepreneurs to get started on its platform.
Speaking about the partnership, the Vice President and global head of startups at AWS Howard Wright said:
Looking forward, web3 and blockchain is inevitable. No one can call the time or date or quarter that it’s going to happen and it’ll be mainstream, but we’ve seen the cycles of growth before. The velocity of this one seems like it’s accelerating and we’re just excited to be a part of this.
John Wu, president of Ava Labs, also weighed in on the matter, saying:
For us this means a lot of things. We have over 500 applications on the chain and we would love to give them a better experience and now we have a real partnership that we can direct to the Activate program. On top of that, our users are always looking for a better experience. The one-click node is an incredible way to do it.
Both parties have committed to facilitating events such as summits, educational initiatives and hackathons for developers and entrepreneurs to make it possible for individuals of all tech experience levels to be able to build on Avalanche.
Avalanche Price Analysis – Key Levels To Watch
AVAX price was retracing after bouncing off the 50-day exponential moving average at $12.22 to highs of around $16.54. This was accompanied by a 300% spike in trading volume that hit the $800 million mark on January 11, as indicated on the daily chart below.
The moving averages were pointing up and the moving average convergence divergence (MACD) indicator was moving upward away from the zero line. This was an indication that there were more buyers than sellers in the market who could sustain the bullish momentum.
Additionally, the relative strength index (RSI) was still placed in the positive region at 17, suggesting that the market still favored the upside.
As such, the Avalanche price could turn up from the current levels to tag the $16.54 range high. Rising above this level could open the way for a climb toward the 123.6% Fibonacci retracement level at $17.76.
AVAX/USD Daily Chart
On the downside, the RSI showed that AVAX was severely overbought, explaining the ongoing retraction. If overhead pressure increases, the Avalanche price may retrace further to reach the 200-day EMA at $14.6 or the 50% Fibonacci level at $14.24. Lower than that, the 70% retracement level at $13.41, the $13.0 psychological level, the 50-day EMA at $12.7, and the 100-day EMA at $12.23 are other important levels of support to watch out for.
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