๐Avalanche price analysis
๐ Avalanche (AVAX) Faces Downtrend
Avalanche (AVAX) resumed its downtrend after breaking below the strong support at $29 on June 17.
๐ป Bearish Indicators
Downward sloping moving averages and an RSI near oversold territory indicate bears are currently dominant. Bulls are attempting a relief rally, likely encountering resistance at the 20-day EMA ($28.76). If the price reverses from this level, bears may target a drop towards $20.
๐ Potential Reversal
This bearish outlook could change if bulls manage to push the price above $29. A move above this level could see AVAX/USDT rise towards $33, signaling rejection of the breakdown below $29.
