Avalanche (AVAX) price continues to decline towards the 20-day EMA ($29.31), suggesting that the price might be stuck in an ascending channel for some time.
AVAX/USDT Daily Chart | Source: TradingView
If the price bounces sharply from the 20-day EMA, the AVAX/USDT pair could again attempt to rise towards the channel resistance line. A breakout and close above the channel would signal the start of a new uptrend, aiming at $42 and then $50.
Conversely, if the price continues to fall and breaks below the moving averages, it will indicate that bears are in control. The price could slide towards the channel support line.