Animoca Brands invested in AVAX, the native token of the Avalanche blockchain, marking a strategic partnership. With this new collaboration, Animoca will help Avalanche builders scale globally by means of investment, advisory, and market support. Despite this new partnership and hype surrounding the blockchain, the AVAX price is still being supported at the 50-day moving average.
Animoca to help AVAX with more than just funds
Web3 company Animoca Brands made a strategic partnership with Ava Labs, the developer behind the Avalanche blockchain.
Animoca struck the partnership with Avalanche by investing in the project’s native token, AVAX. Although the web3 company kicked off the deal with an investment, it however, won’t be just limited to funds and investment, but it will also help with advisory and market support.
John Nahas, chief business officer at Ava Labs, stated, “Animoca Brands brings experience across consumer and institutional blockchain ecosystems and a wide network of portfolio companies.”
As per the objectives of the partnership, Animoca Brands will help Avalanche projects have a better chance of succeeding in the growing areas of entertainment, digital identity, and real-world assets (RWA).
The partnership will concentrate mainly on the Middle Eastern and Asian markets, where Animoca Brands has a strong foothold. According to AVAX’s official X post, “Animoca brings a portfolio of 600+ investments and deep operator experience across gaming, digital identity, and RWAs.”
AVAX price is at pivotal point—6-month downtrend may end
Meanwhile, the 50-day moving average has been supporting the AVAX price for about a week, putting it on the verge of recovery. This recovery could turn out to be a major incident if AVAX makes use of this level to bring its downtrend since September to an end.
From a technical perspective, the relative strength index indicator is making new higher lows and higher highs, suggesting that the bullish momentum is building.
Signaling a level of 48 on its scale, the RSI does not flag any extreme market conditions. As AVAX is neither overbought nor oversold according to the RSI, there is no barrier obstructing AVAX prices from reaching higher altitudes.
