3 reasons why Avalanche (AVAX) price can double by March 2023

An Amazon partnership, a rebounding crypto market, and a strong technical setup could push Avalanche to new highs...

Avalanche (AVAX) increased 55% in the first two weeks of January 2023. Now, a mix of technical and fundamental factors hints that the token may keep rallying into March.       1. Breakout Underway The AVAX/USD chart has been forming a falling wedge pattern since May 2022, and it now appears the pair has entered the breakout phase of this setup.  A falling wedge forms when the price trends lower inside a range defined by two converging, descending trendlines. As a general rule of thumb, the price can rise as high as the distance between its upper and lower trendlines. AVAX/USD daily price chart featuring falling wedge setup. Source: TradingView      2. Partnership With Amazon Web Services (AWS) AVAX/USD's bullish setup coincides with a favorable news announcement. Specifically, the developer of Avalanche network — Ava Labs — has become an official blockchain solution provider to 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 just 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.       3. Crypto Macro Environment 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 Consumer Price Index (CPI). Ideally, declining inflation may prompt the Federal Reserve to stop its interest rate hikes, which leaves investors with excess cash to invest in riskier markets. Additionally, crypto market proxies like BTC/USD and ETH/USD have both performed well in 2023 so far. The assets appear to have shown fortitude despite market-wide layoffs in the tech industry.  A Word Of Caution... Remember — there's always downside risk. The market can be random and finding edges is more difficult than many understand.  In case resistance holds on AVAX/USD, the pair has a lot of downside risk back to roughly $10.50. Using institutional-grade tools like Markets Pro can help mitigate some of this risk while exposing traders to upside potential.  Read the full story here on Cointelegraph.  Don't miss a beat in the world of crypto. Leverage the same AI technology that Cointelegraph's journalists use to surface the latest news with the NewsQuakes™ indicator that's only available on Markets Pro — click here to learn more. Regards, Russell DeCorte Director Markets Pro © 2023 COINTELEGRAPH MARKETS PRO COINFIDENTIAL. Copyright © 2023 Cointelegraph Markets Pro, All rights reserved. You are receiving this email because you opted in at our website. Our mailing address is: Cointelegraph Markets Pro 21 W 46th St New York, NY 10036-4119 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.