AVAX price rally comes to a grinding halt despite Amazon partnership and addition of USP stablecoin


  • AVAX price rally halted after yielding double-digit gains over the past week, between January 8 to 15, 2023.
  • The smart contract platform has officially confirmed that it will support the Platypus stablecoin, USP. 
  • Amazon Web Services chose Avalanche to bring scalable blockchain solutions to enterprises and governments through AVAX infrastructure and the dApp ecosystem. 

AVAX was chosen by Amazon Web Services (AWS) to develop blockchain solutions for enterprises and governments. AVAX is now an AWS partner and fully supports the smart contract’s infrastructure and dApp ecosystem. 

Also read: Twitter’s plan for crypto integration remains unknown, community explores Dogecoin Tip Jar for social media

AVAX price pulls back despite Amazon partnership and addition of USP stablecoin 

AVAX, the smart contract network, witnessed two bullish catalysts over the past week. The network announced AWS’s integration of AVAX blockchain solutions for solving business problems for enterprises and governments. 

Avalanche’s infrastructure and dApp ecosystem lured the giant AWS; the network announced the partnership in a recent tweet:

The smart contract network officially confirmed that it would support USP stablecoin, created by Platypus DeFi. AVAX confirmed that the stablecoin would be in Avalanche’s main pool, which plays a crucial role in USP’s stability. 

Adding the stablecoin to Avalanche’s ecosystem could drive the demand for the native token of the smart contract network, AVAX. The stablecoin’s rollout could facilitate the utility of the network. Experts believe this could fuel the demand for AVAX. 

Despite the two bullish catalysts, Avalanche’s price failed to recover from the recent pullback. AVAX price dropped 8% in the 24 hours between January 14 to 15, 2023, after yielding massive 36.5% gains over the past week. Avalanche’s hourly engagements hit 11.6 million, the highest point in the last 90 days, based on data from crypto data aggregator LunarCrush. 

AVAX social engagements

AVAX social engagements 

AVAX failed to sustain its upswing, the downside target for the native token of the smart contract network is $15.06, a key resistance level for the Avalanche.  

AVAX/USDT price chart

AVAX/USDT price chart

The chart above shows that AVAX pulled back despite its recent uptick.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1

TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1

TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked. 

More Tron News

XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch

XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch

XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday. 

More Ripple News

Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit

Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit

Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).

More Terra News

Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium

Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000

Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors. 

More Bitcoin News

Bitcoin: BTC’s next breakout could propel it to $80,000 Premium

Bitcoin: BTC’s next breakout could propel it to $80,000

Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors. 

Read full analysis

BTC

ETH

XRP