$AVAX

The bears attempted to pull Avalanche below the 20-day EMA ($47.80) on Dec. 15, but the bulls held their ground.

However, the bulls’ failure to sustain the price above $51 on Dec. 16 attracted another round of selling. The bears are attempting to sink the AVAX/USDT pair below the 20-day EMA. If they succeed in doing so, the pair could drop to the 50-day SMA ($38.69).

If the buyers want to avoid the decline, they will have to quickly push the price back above $51. This would indicate buying at lower levels, increasing the possibility of a break above $56. The pair could rally to $60 and then to $65, where the bears are likely to pose a strong challenge.