Amazon Web Services Partnership (AWS) Boosts Avalanche (AVAX) Price

Blockchain Powers Amazon

  1. AVA Labs is a partner of Amazon Web Services (AWS).
  2. In the hours following the announcement, AVAX’s price rose by more than 14%.
  3. During the last 24 hours, the price of AVAX has hovered at $15.85.

Avalanche (AVAX) saw a price increase of over 14%, significantly outpacing the rest of the cryptocurrency market. Ava Labs and Amazon Web Services (AWS) have just announced a strategic partnership to hasten the widespread adoption of blockchain applications across business, government, and education. 

As part of the agreement, AWS will provide Avalanche with access to its global marketplace, where Avalanche’s infrastructure and decentralized application ecosystem will be supported. Ava Labs has also joined the Amazon Partner Network (APN), giving its customers access to its specialized offerings on the AWS infrastructure.

As of the time of this writing, shares of AVAX were trading for $15.85, giving the company a market cap of $4,933,346,686. This was an increase of 28% over the previous trading day, while trading volume increased by 350.90%. Metrics from CoinMarketCap show that the $12.32 price level serves as support for Avalanche, with $16.38 serving as resistance.

Recent AVAX Technical Indicators

In the 24-hour timeframe the AVAX market shows that the bulls have dominated the Avalanche market as indicated by the Moving Average Convergence Divergence (MACD) indicator which has readings of 0.53 and is in an upward trend denotaing that the bullish steam might continue in the near future. This bullish sentiment is also supported by formation of trajectory histogram on the Positive region denoting that the bullish effect may persist in AVAX market in the coming hours.

At 76.96, the RSI line shows that the market is being controlled by bulls and is in the overbought zone. However, as the price has reached the overbought region, a price reversal may be imminent, so investors and traders should proceed with caution as a bearish sentiment may take effect of the market in the coming hours.

The widening of the Bollinger Band (BB) indicates that the AVAX market is in the midst of bullish momentum, suggesting that prices might continue to rise. This could be seen through the higher highs and higher lows that are being established in price. Also, the distance between the upper and lower band is increasing, which is a sign that there is a greater potential for volatility.

AVAX/USD 24-hour price chart (source: TradingView)

As a result of this partnership, the AVAX market is likely to maintain its current bullish sentiment in the next few days, so investors should maintain their bullish stance.

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Kelvin enjoys writing about cryptocurrency and blockchain. He started blogging in 2019 and switched to cryptocurrency in 2020. Kelvin is interested in technology, football, chess, and Defi. He wants decentralization to benefit everyone on the planet.