$AVAX

Sellers thwarted the bulls’ attempts to push Avalanche above the resistance line of the ascending channel on November 17.

The 20-day EMA ($31.59) is the critical support to watch on the downside. If the price bounces off the current level or bounces off the 20-day EMA strongly, it will signal buying on dips. This increases the likelihood of a breakout above the resistance line. The AVAX/USDT pair could rally to $42 and then to $50.

Contrary to this assumption, a break and close below the 20-day EMA will signal that the bulls are losing control. The pair could then decline towards the 50-day SMA ($28.24), extending its stay inside the channel for a few more days.