Avalanche and the dApp ecosystem will now be powered by Amazon Web Services (AWS), which also includes one-click node deployment through the AWS marketplace.
With this partnership with AWS, Ava Labs is able to help its customers distribute custom offerings associated with more than 100,000 partners spread across 150 countries.
Technically, Avalanche node operators can operate on AWS GovCloud for FedRAMP compliance use cases, which is an important prerequisite for many companies and governments.
This partnership will help scale blockchain adoption among many companies, government organizations, and other institutions.
Howard Wright, VP and Head of Global Startups at AWS, stated:
Looking forward, web3 and blockchain are inevitable. No one can call the time or the date or the quarter when it will happen and it will become mainstream, but we have seen growth cycles before. This speed seems to be accelerating and we are just happy to be a part of it.
Through these partnerships, individuals will more easily open and manage nodes on Avalanche; Additionally, it will strengthen and make the network more flexible for developers to work on. This recent development has had a positive impact on altcoin prices, but it is yet to be seen if the coin can sustain the price sentiment.
Technical Analysis of Landslides
News of AWS being integrated into the Avalanche ecosystem immediately piqued investor interest. The daily chart of AVAX shows a gain of 6.6%, which can be called a rally.
This has made the coin break through the resistance level of $13.60, and now AVAX is valued at $14.40. It has not been seen that the coin manages to issue a sign of $15, acting as a resistance sign for the coin. A drop from the current price will bring the altcoin down to $13.70.
The Relative Strength Index is overbought, meaning the asset is overvalued. The overvalued condition can be attributed to the latest development. Usually, if an asset is overbought, the price corrects itself.
Due to bullish sentiment, AVAX shot through the 20-Simple Moving Average (SMA) line, indicating that buyers have been driving price momentum in the market. Not only the 20-SMA, altcoins are parked above the 50-SMA because of the high demand.
The Moving Average Convergence Divergence suggests price momentum and trend reversal. The indicator consists of several green histograms, which is a buy signal for the coin. The latest histogram has increased in size, anticipating a rise in the asset’s price.
Investors can quickly take this as a signal for entry as prices will rise in the next few trading sessions before restarting.
The Directional Movement Index reads the price direction, and it is bullish. The +DI line (blue) is above the -DI line (orange).
The Average Directional Index (red) is close to 20 with a slight uptick, confirming that while the price is witnessing a northward movement, the price direction has no significant strength.
Featured Images From Unsplash, Graphics From TradingView.com