AVAX Jumps 22% As Avalanche Records Another Win for Institutional Adoption

While the majority of cryptocurrencies are still suffering from significant devaluation as a result of last year’s crises. AVAX seems to be rebounding significantly from the crash. However, Avalanche’s recent cooperation agreements with Amazon and a financial platform called Initian may be connected to this successful track record.

While the uproar caused by Amazon’s decision to cooperate with Avalanche rather than Ethereum has not yet subsided, Avalanche has announced that it will work with Intamin. This directly implies that Initian will become the initial institutional subnet of Avalanche. The impact of the agreements could also be seen in the growth of daily activity on the blockchain of Avalanche and the rising price of its native token, AVAX.

Key Avalanche Levels To Watch – February 2

The market has been in an uptrend ever since the change of character (CHOCH) to the upside. Before the change in character, the market was typically in a bearish environment. The 14.60940 support was first broken in November 2022 due to the influx of sell orders from a bearish order block around the 21.92170 price level.
The change of character to the upside occurred as a result of the buying pressure at the $10.57730 major support level. On January 16, 2023, the price retraced into a bullish order block, which propelled the price to rally further. Similarly, on January 10 and 17, the market dived into the daily points of interest (POIs) to execute buy orders. According to the Moving Average, prices are heading upward. AVAX might have to enter the liquidity void above the $23.7201 price level.

Avalanche Key Levels

Resistance Levels: $37.86780, $30.86770, $23.72010
Support Levels: $14.60940, $10.57730, $9.29170

Total Market Capitalization: $1.08T
Avalanche Market Capitalization: $6.75B
Avalanche Volume: $0.94B
Market Rank: #14

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