The AVAX/USDT pair has dipped below the 50-day Simple Moving Average (SMA) of $39.94, indicating that the rally above $51 may have been a bull trap. If the price sustains below the 50-day SMA, the next stop is likely to be $30.50.
Buyers will attempt to initiate a recovery but are likely to face strong selling at the 20-day Exponential Moving Average (EMA). A break and close above the 20-day EMA will be the first sign that selling pressure is easing.
