Decentral Block Post

Avalanche (AVAX) has opened 2023 with a bang, rising nearly 55% in the first two weeks. And now, a mix of technical and fundamental indicators hints that the token will keep rallying into March.

AVAX price breakout underway

The AVAX/USD pair appears to have been forming a falling wedge pattern since May 2022 and has now entered the breakout stage of this pattern.

A falling wedge forms when the price trends lower inside a range defined by two converging, descending trendlines. The pattern resolves after the price breaks out of its range to the upside and, as a rule of technical analysis, can rise as high as the distance between its upper and lower trendlines.

Applying the theory on AVAX's falling wedge pattern brings the token's breakout target at around $34, up approximately 115% from current price levels.

Avalanche's Amazon partnership

AVAX's bullish setup appears as Ava Labs — the developer of the Avalanche network — becomes an official blockchain solution provider to Amazon Web Services (AWS).

Avalanche (AVAX) has opened 2023 with a bang, rising nearly 55% in the first two weeks. And now, a mix of technical and fundamental indicators hints that the token will keep rallying into March.

AVAX price breakout underway

The AVAX/USD pair appears to have been forming a falling wedge pattern since May 2022 and has now entered the breakout stage of this pattern.

A falling wedge forms when the price trends lower inside a range defined by two converging, descending trendlines. The pattern resolves as the price breaks out of its range to the upside. As a rule of technical analysis, the price can rise as high as the distance between its upper and lower trendlines.

Applying the theory on AVAX's falling wedge pattern brings the token's breakout target at around $34, a 115% increase from current price levels.

Avalanche's Amazon partnership

AVAX’s bullish setup appears as Ava Labs — the developer of the Avalanche network — becomes an official blockchain solution provider to Amazon Web Services (AWS).

Bitcoin (BTC) hodlers are returning to profit as new data hints the BTC price has put in the “foundation” of a macro bottom.

The latest figures from on-chain analytics firm Glassnode shows a large swathe of the BTC supply heading “into the black” as BTC/USD passed $18,000.

Bitcoin establishes "massive" accumulation zone

After gaining nearly 5% in 24 hours, Bitcoin is back on bulls’ radar ahead of a crunch United States inflation data release.

What the impact will be remains uncertain, but on-chain analysis is eyeing a more important phenomenon already playing out on the market.

The latest price uptick has seen a considerable number of bitcoins flip from unrealized loss to unrealized profit — it is now worth more than when it last moved.

'Degen' season smells like pixelated feet

Feetpix.wtf’s newly launched nonfungible token (NFT) collection, “Feetpix” has seemingly taken the NFT community by storm with surging trading volumes, prompting some to suggest the return of “degen” season.

Feetpix.wtf’s collection soared ahead of the likes of Bored Ape Yacht Club (BAYC) on Jan. 11 with the fifth-highest trading volume recorded on NFT marketplace OpenSea.

The project — which released 10,000 Feetpix NFTs — has traded over 825 Ether (ETH)($1,157,000) across nearly 18,000 transactions since its release on Jan. 8.

Crypto Twitter is still split on what inspired the surge in foot fetish-NFT trading volumes, though Feetpix noted the absence of a roadmap, promise and marketing scheme suggested a “love for feet” is not just legitimate but also clearly monetizable through the use of digital art.

Several Twitter users highlighted the absurd, short-term success of the project, suggesting a return of “degen szn” (season) which entailed a mass trading volume of high-risk NFT collectibles at the peak of the bull market in 2021.