- AWS and Ava Labs partner to bring scalable blockchain solutions.
- Prices rose by more than 20% in a few hours.
- Trading volume swells by 360%.
Ava Labs, the parent company of Avalanche blockchain shook hands with Amazon Web Services (AWS). The partnership aims to bring scalable blockchain solutions to enterprises and governments. This will allow Ava Labs to leverage the power and scalability of AWS’s cloud infrastructure.
AWS is a provider of cloud computing services that provides services to its customers. With a global network of data centers and a wide range of services, it facilitates businesses to run their applications and data storage in the cloud.
The alliance includes a joint go-to-market strategy and co-selling efforts.it also sheds light on the growing interest in decentralized solutions among large organizations and governments, with a possibility to inspire more organizations to explore the world of blockchain.
It’s official! @Amazon #ChoseAvalanche to bring scalable blockchain solutions to enterprises and governments
— Avalanche
The pictorial
AVAX prices have bursted out of the long forming falling wedge pattern. The price hike is due to the AWS partnership. The volume along with the OBV (green circle) saw an uptick after the new release. The rising prices may soon claim the 200-EMA, if the momentum is maintained. If current prices of $ 15.35 can sustain above the $16.78 level, it may establish a higher run aiming to reach $20.
The CMF escalates to the higher range in the positive zone to show the bullish swing. The MACD records tall buyer bars as the lines undergo bullish divergence. The RSI jumps to the overbought zone to reflect the positive sentiments of the investors.
A closer look
The rising prices are seen facing sellers at higher levels who wish to book profits amid the rally. The CMF slopes down, remaining positive to display active sellers participating too. The MACD along with a few sellers, records proactive buyers, with high bars and diverging lines. The RSI slopes down but finds a spot to rest in the overbought zone to match the market interaction.
Conclusion
The market is exuberant for the new partnerships that have occurred in the past few weeks. The AVAX holders are in hopes of further price rockets and undoing all the damage that was caused due to the fiasco. Holders must watch out for breakout near the $16.78.
Technical levels
Support levels: $10.55 and $8.95
Resistance levels: $21.65 and $26.36
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/12/avax-propels-to-the-moon-aws-to-add-a-bling/