Avalanche price analysis

Avalanche has been trading inside a large range between $29 and $40 for several days, which suggests that traders are buying near the support and selling close to the resistance.

AVAX/USDT daily chart. Source: TradingView

The price is attempting to start a relief rally from $30.59. Any recovery is likely to face selling at the moving averages. If the price turns down from the moving averages, the bears will make one more attempt to sink the AVAX/USDT pair below $29. If they succeed, the pair could drop to $20.

Conversely, if the price rises and breaks above the moving averages, it will suggest that the pair may extend its stay inside the range for some more time