• Avalanche (AVAX) has surged over 55% in the first two weeks of 2021 as the cryptocurrency market rebounds.
• Technical analysis suggests AVAX can reach a breakout target of $34, a 115% increase from current price levels.
• Ava Labs’ partnership with Amazon Web Services will make it easier for developers to run an Avalanche node through the AWS Marketplace.
Avalanche (AVAX) is off to a remarkable start in 2021, with its price surging over 55% in the first two weeks of the year. As the cryptocurrency market rebounds, the digital asset is attracting considerable attention and AVAX’s technical analysis suggests that its price can double by March 2023.
The AVAX/USD pair appears to have been forming a falling wedge pattern since May 2022, with the price trending lower inside a range defined by two converging, descending trendlines. This pattern typically resolves as the price breaks out of its range to the upside and, as a rule of technical analysis, the price can rise as high as the distance between its upper and lower trendlines. Applying this theory on AVAX’s falling wedge pattern brings the token’s breakout target at around $34, a 115% increase from current price levels.
Another factor that could drive the price of AVAX higher is Ava Labs’ recent partnership with Amazon Web Services (AWS). The firm has become an official blockchain solution provider to AWS, making it easier for developers to run an Avalanche node through the AWS Marketplace. Additionally, developers can create Avalanche subnets with a few clicks. This increased utility among enterprises and governments could dramatically increase demand for AVAX and drive the price up.
Overall, AVAX has all the makings of a top-performing cryptocurrency, with its technical analysis and the AWS partnership both pointing to a potential price surge. If AVAX can reach its breakout target of $34 by March 2023, its price could double. Only time will tell if the asset can reach its full potential, but for now, investors are watching AVAX’s progress with great interest.