Avalanche Soars on AWS Partnership, NFT and DeFi Growth

•Avalanche (AVAX) investors had a good start to 2023 with the token registering massive gains on its chart.
•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, as AVAX’s market cap increased by 8%, while its volume went up by nearly 20%.

Avalanche (AVAX) investors had their expectations met with the token registering massive gains on its chart in the start of 2023. According to CoinMarketCap, AVAX’s price increased by over 30% in the last seven days, and at the time of writing, it was trading at $15.35. This can be attributed to Avalanche’s latest partnership with AWS, which would promote the widespread use of blockchain technology in businesses and government agencies.

However, the investors were cautious as CryptoQuant’s data revealed a major bearish signal, which might restrict AVAX’s price from going up any further in the coming days. The Relative Strength Index (RSI) was in an overbought position, suggesting a trend reversal soon.

On the other hand, Avalanche’s NFT ecosystem also witnessed growth, as per AVAX Daily, AVAX’s market cap increased by 8%, while its volume went up by nearly 20%. This has been further boosted by the launch of the Avalanche Launchpad, which is a platform for developers to create, deploy and manage their own decentralized applications.

Moreover, Avalanche is also making strides in the DeFi space, with projects like Benqi Finance, Alpha Ventures, and Aave existing in the ecosystem. These projects are contributing to the growth of the token, and investors are optimistic about the future of the project.

Overall, Avalanche is making strides in the blockchain space, with its partnership with AWS, NFT and DeFi projects, and the launch of the Avalanche Launchpad. Investors should be cautious as the RSI is in an overbought position, but are still optimistic about the future of the project.