Avalanche (AVAX) fell sharply from the resistance line of the ascending channel pattern on November 12, signaling profit-taking from short-term investors.
AVAX/USDT Daily Chart | Source: TradingView
The bears attempted to pull the price down on November 13, but the long candlestick tails indicate strong buying at lower levels. The bulls will continue to attempt to push the AVAX/USDT pair above the resistance line. If successful, the pair could rally sharply to $41.80.
Conversely, if the price declines from the current level or from the resistance line, it will indicate that sellers are active at higher levels. A break below the 20-day EMA ($28.99) will suggest that the pair could remain within the channel for some time.
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