$AVAX

AVAX Price Analysis

Brothers, AVAX's recent performance has been a bit sluggish, with bears continuing to dominate the market! On December 19, the price closed below the 50-day moving average (41 USD), while on December 21, bulls tried to regain ground, but bears quickly slapped them back with a 'big hat'.

Current Situation:

Technical Signals: The 20-day moving average (43.49 USD) is sloping downwards, and the RSI is also at a low level, which clearly tells us that bears are still in control of the rhythm.

Downside Risk: If the price falls below the key support of 33.60 USD, it could slide all the way down to 30 USD, noting that this is an important psychological barrier.

Bulls' Hope:

If bulls want to 'turn the tables', a strong breakout and a firm hold above the 20-day moving average is needed. If successful, the rebound target is likely to point towards 51 USD, or even challenge the resistance zone above 56 USD.

In summary: It’s still a cautious approach for now, focusing on whether the support at 33.60 USD holds and if there’s a chance to rebound and break through the moving average after a retest! What do you think?