These are 3 possible simple reasons why AVAX's price increased significantly within this week. Here are some of the factors that may have contributed to the AVAX price rally:
-> Avalanche's partnership with Amazon Web Services (AWS), which allows developers to easily run an Avalanche node and create subnets through the AWS Marketplace. This could increase the utility and adoption of Avalanche among enterprises and governments.
- >The improved macroeconomic fundamentals for riskier assets, which may benefit the crypto market in the coming months. A lower inflation reading in the United States could prompt the Federal Reserve to stop its interest rate hikes, leaving investors with excess cash to invest in alternative markets.
- >The technical breakout of the AVAX/USDT pair, which appears to have formed a falling wedge pattern since May 2022 and has now entered the breakout stage. This pattern suggests a bullish reversal and a potential target of around $34, a 115% increase from current price levels.
These are some of the possible reasons why the AVAX price increased within this week. However, please note that these are not financial advice and you should do your own research before investing in any cryptocurrency.
