The rise in the crypto money market continues under the leadership of Bitcoin. The leading cryptocurrency is priced above $ 18 thousand, while Ethereum continues to be priced above $ 1,300. When we look at the most profitable assets of the last 24 hours, we see AVAX in the first place.
AVAX Stands Out With Its Performance
Welcoming the new year, the crypto rally brought big gains to many assets. According to Coinmarketcap data, the biggest gains in the last 30 days have been made by altcoins. AVAX, the native crypto asset of the Avalanche blockchain, gained up to 32% in seven days. AVAX also managed to impress investors with its 23% upward performance in the last 24 hours.
What Supported the AVAX Rally?
So what are the key factors in the rise of AVAX? One of these reasons is the collaboration between Shopify and Avalanche.
Shopify recently partnered with Avalanche to allow Shopify merchants to sell their NFTs. With this development, any of Shopify’s millions of merchants will no longer need marketplaces like OpenSea or Magic Eden when they want to sell NFT.
Additionally, the world’s largest cloud provider, Amazon Web Service, has joined forces with Ava Labs to accelerate and expand blockchain usage across different types of industries. With this collaboration, Ava Labs’ Tier 1 blockchain Avalanche will be more accessible to individuals and businesses, and node administrators will have more control over the performance and functionality of the network.
With Amazon Web Service, Ava Labs can help customers present special offers linked to more than 100,000 partners spread across 150 countries. At the same time, this partnership will help scale blockchain adoption among many businesses, government entities and other institutions.
Will AVAX Maintain Its Acceleration?
The current momentum seems to be in a take-profit behavior before another upswing. AVAX may have significant support on the day as markets expect lower CPI levels.
However, according to the movement of Bitcoin price, AVAX price may also follow the leading crypto asset in an up or down direction.
AVAX Price Analysis
If you wish, let’s take a look at the support and resistance levels that the asset should be followed. Priced just above $15, AVAX, if it continues to rise, the first resistance level it will encounter is at $16.50, while the second resistance level is in the $18.10 region. A decline in the price after a possible selling pressure may force us to follow the support levels at $12.75 and $10.80.
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