Avalanche Surges on Deloitte Partnership

Avalanche has surged to new all-time highs above $100 on news of a partnership with Deloitte.

The move in the coin has been more impressive as Bitcoin is down 10% on the week and is dragging much of the industry lower. AVAX has soared 85% in the last month alone with the project’s market cap moving to about $23 billion.

Avalanche founder and Ava Labs CEO Emin Gun Sirer announced on Tuesday that the project would be partnering with “Big Four” accounting firm Deloitte “to build more efficient disaster relief platforms with the Avalanche blockchain.”

The tie-up with a big accountancy firm and a new use case is a plus for the project which has has announced more than $600 million of initiatives recently to boost the network. In September, Avalanche announced a $230 million raise to add liquidity to the network’s growing decentralized finance (DeFi) ecosystem. In early November, Avalanche developers and investors created a $200 million Blizzard Investment Fund. There was also the addition of Avalanche Rush, a $180 million liquidity mining incentive fund.

AXAX Price Analysis

Avalanche traded to a high near $110 this week with the final push on Wednesday. We can see today that the move lower, which is driven by BTC weakness under $60k has aligned with an uptrend resistance line. The coin may continue to move lower and find support within this uptrend channel. If the coin gets above $110-122 in the near-term that could spur some serious gains.

AVAX Price Chart