AVAX Price Prediction: Avalanche Soars After Deloitte Announces Alliance
In a sea of red across the crypto market, Avalanche (AVAX) is one among the leading altcoins trading in the green and registering gains early on Wednesday, as markets cheer the news of a strategic alliance between the blockchain and Deloitte. At the time of writing, AVAX/USD is trading at around $96.89.
One of the Big Four accounting firms worldwide, Deloitte has partnered with Ava Labs โ the firm behind the development of the blockchain, to leverage Avalancheโs technology for its new disaster recovery platform. The firmโs new Close As You Goโข (CAYG) is a cloud-based platform which will help state and local governments to easily apply for emergency funding from the Federal Emergency Management Agency (FEMA).
Putting the solution on Avalancheโs blockchain will make CAYG faster, far more secure and accurate in processing federal disaster claims. It helps that the blockchain is one of the most energy efficient options in the market currently, giving the entire platform an eco-friendly boost as well.
The bullish moves in Avalanche are also enjoying support from another interesting fundamental development โ the announcement of 123swapโs latest integration with the blockchain. The cross-chain framework makes its way into the potential Ethereum killerโs growing ecosystem of dApps, giving it cross-chain capabilities and the ability to add more users.
AVAX/USD Technical Analysis
Taking a look at the 4-hour chart of AVAX/USD, moving averages and the momentum indicator are suggesting a strong bullish bias. However, the MACD points to some interest among sellers as well.
Avalancheโs price is holding well above the pivot point at $91.33 and continued buying pressure can take it past the $100 level. If this happens in the near-term, watch out for the immediate resistance at $104.03 which could pose some challenge for investors.
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