AVAX rallied to gain more than 25% within 24 hours in a recent rally.
The rally is tied to the recent Avalanche partnership with Amazon AWS.
Even though the market may be in a recession, Avalanche [AVAX] has seized every opportunity to forge important partnerships. With its most recent alliance, Avalanche is empowering itself to provide institutional services, which could mark the beginning of the next phase of blockchain adoption.
Read Avalanches [AVAX] Price Forecast 2023-24
Avalanche works with Amazon AWS
On January 11, Avalanche and Amazon Web Services announced their partnership, which would advance the widespread use of blockchain technology in businesses and government agencies.
It is official! @Amazon #Choose Avalanche to bring scalable blockchain solutions to businesses and governments 🔺#AWS fully supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment, and provides the best tooling for these high-compliance use cases. pic.twitter.com/syInSrU9XD
— Avalanche 🔺 (@avalancheavax) January 11, 2023
To facilitate collaboration, AWS offers one-click code deployment through the AWS marketplace. Use cases that require compliance with FedRAMP standards can be run on AWS GovCloud by running Avalanche node operators.
In addition, Ava Labs will offer “Subnet Deployment” as a service in the AWS Marketplace. This means that any company or organization can hire Ava Labs to create a unique AWS subnet.
AVAX Rises in a Daily Time Frame, But…
AVAX reacted positively to the AWS alliance, as evidenced by the asset’s daily timeframe chart. By the close of trading on January 11, AVAX was up more than 24% in value. The asset was trading at about $15 at the time of writing, despite losing about 3%. The price before the nearly 25% increase was about $12.
Source: TradingView
The latest price moves successfully overcame the resistance level created by the short moving average (yellow line). However, given where AVAX is located, a price drop is likely.
AVAX had entered the overbought zone, as shown by the line of the Relative Strength Index (RSI). The conclusion is that a price correction is approaching, which is likely to follow given the current position of the RSI.
Is your wallet green? Check out the AVAX Profit Calculator
Dev activity is witnessing an upward trend
The development activity indicator also showed an upward trend. According to the measure of dev activity, network developer activities have scaled up. The dev activity chart at the time of writing indicated that it had risen to around 15.79.
Source: Sentiment
This post Avalanche [AVAX] gains 25% per day, thanks to the Amazon AWS
was published first on https://ambcrypto.com/avalanche-avax-gains-25-in-a-day-thanks-to-the-amazon-aws/
