3 reasons why Avalanche (AVAX) price can double by March 2023
Avalanche (AVAX) has opened 2023 with a bang, rising nearly 55% in the first two weeks. And now, a mix of technical and fundamental indicators hints that the token will keep rallying into March.
The AVAX/USD pair appears to have been forming a falling wedge pattern since May 2022 and has now entered the breakout stage of this pattern.
A falling wedge forms when the price trends lower inside a range defined by two converging, descending trendlines. The pattern resolves as the price breaks out of its range to the upside. As a rule of technical analysis, the price can rise as high as the distance between its upper and lower trendlines.
Applying the theory on AVAX's falling wedge pattern brings the token's breakout target at around $34, a 115% increase from current price levels.
AVAX’s bullish setup appears as Ava Labs — the developer of the Avalanche network — becomes an official blockchain solution provider to Amazon Web Services (AWS).
Notably, the firm will implement new features that make it easier for developers to run an Avalanche node through the AWS Marketplace. Additionally, developers can create Avalanche subnets with a few clicks.
The partnership will increase Avalanche's utility among enterprises and governments in a perfect scenario which, in turn, could boost demand for AVAX tokens. These prospects have helped the Avalanche token rise nearly 30% in a 24-hour adjusted timeframe.
$AVAX Amazon partnership should get us this pump. Are you ready ? pic.twitter.com/6fCBZ6rbXo
AVAX’s bullish falling wedge setup emerges amid improving macroeconomic fundamentals for riskier assets, which may benefit the crypto market in the coming months.
According to a Bloomberg survey, economists are positioned for a drop in the United States
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