AVAX Technical Analysis 11/23/2024

Avalanche broke above the resistance line of the ascending channel pattern on 11/22, indicating that the bulls have overpowered the bears.

If the price sustains above the resistance line, the AVAX/USDT pair could surge to $42 and then $50.

This bullish view would be invalidated if the price turns around and breaks below the 20-day EMA. Such a move would suggest that the breakout was a bull trap. The pair could then drop to the 50-day SMA ($28.71), extending its stay inside the channel.