• Avalanche’s price surged by over 30% in the last seven days, attributed to its latest partnership with AWS.
• CryptoQuant’s data revealed a major bearish signal, which might restrict AVAX’s price from going up any further in the coming days.
• Avalanche’s NFT ecosystem witnessed growth, with its market cap increasing by 8% and its volume going up by nearly 20%.
The cryptocurrency market has been booming lately, with tokens such as Avalanche [AVAX] surging in price. According to CoinMarketCap, AVAX’s price rose by over 30% in the last seven days, and at the time of writing, it was trading at $15.35. This surge in price can be attributed to Avalanche’s latest partnership with Amazon Web Services (AWS). This partnership will promote the widespread use of blockchain technology in businesses and government agencies, helping to push the token’s price even higher.
Not only that, but AVAX also made it to the list of the top gainers in the Avalanche ecosystem over the last 24 hours. Avalanche’s NFT ecosystem also experienced growth, with its market cap increasing by 8%, while its volume went up by nearly 20%. This growth is encouraging for AVAX investors, and may help push the token’s price even higher.
However, investors should be cautious as CryptoQuant’s data revealed a major bearish signal. The Relative Strength Index (RSI) was in an overbought position, suggesting a trend reversal soon. This could limit the token’s price from going up any further in the coming days.
Overall, Avalanche has had a good start to the year. Its partnership with AWS is likely to drive its price further up in the near future, while its NFT ecosystem has also seen impressive growth. Investors should be aware of the bearish signals in the market, however, and exercise caution when trading AVAX.