Price Analysis of Avalanche
Avalanche
42.25 €
turned down sharply and fell below the 20-day EMA ($45.69) on December 9, but the bears are struggling to maintain the lower levels.
The bulls have pushed the price above the 20-day EMA, indicating strength. If buyers keep the price above the 20-day EMA, the AVAX/USDT pair could rise to the resistance zone at $51 to $56.
Conversely, if the price fails to hold above the 20-day EMA, it will suggest that the bears are selling on rallies. This increases the risk of a drop towards the 50-day SMA ($36.15). Such a move would indicate that the breakout above $51 may have been a trap for the bulls.#avax