- AVAX price rally halted after yielding double-digit gains over the past week, between January 8 to 15, 2023.
- The smart contract platform has officially confirmed that it will support the Platypus stablecoin, USP.
- Amazon Web Services chose Avalanche to bring scalable blockchain solutions to enterprises and governments through AVAX infrastructure and the dApp ecosystem.
AVAX was chosen by Amazon Web Services (AWS) to develop blockchain solutions for enterprises and governments. AVAX is now an AWS partner and fully supports the smart contract’s infrastructure and dApp ecosystem.
AVAX price pulls back despite Amazon partnership and addition of USP stablecoin
AVAX, the smart contract network, witnessed two bullish catalysts over the past week. The network announced AWS’s integration of AVAX blockchain solutions for solving business problems for enterprises and governments.
Avalanche’s infrastructure and dApp ecosystem lured the giant AWS; the network announced the partnership in a recent tweet:
It’s official! @Amazon #ChoseAvalanche to bring scalable blockchain solutions to enterprises and governments #AWS fully supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment, offering the best tooling for these high compliance use cases. pic.twitter.com/syInSrU9XD
— Avalanche (@avalancheavax) January 11, 2023
The smart contract network officially confirmed that it would support USP stablecoin, created by Platypus DeFi. AVAX confirmed that the stablecoin would be in Avalanche’s main pool, which plays a crucial role in USP’s stability.
Adding the stablecoin to Avalanche’s ecosystem could drive the demand for the native token of the smart contract network, AVAX. The stablecoin’s rollout could facilitate the utility of the network. Experts believe this could fuel the demand for AVAX.
Despite the two bullish catalysts, Avalanche’s price failed to recover from the recent pullback. AVAX price dropped 8% in the 24 hours between January 14 to 15, 2023, after yielding massive 36.5% gains over the past week. Avalanche’s hourly engagements hit 11.6 million, the highest point in the last 90 days, based on data from crypto data aggregator LunarCrush.
AVAX social engagements
AVAX failed to sustain its upswing, the downside target for the native token of the smart contract network is $15.06, a key resistance level for the Avalanche.
AVAX/USDT price chart
The chart above shows that AVAX pulled back despite its recent uptick.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.