$AVAX

AVAX Price Analysis: Can Bulls Hold On to Their Victory?

AVAX has performed well recently, successfully breaking through the 50-day moving average ($43.56) on January 6, and the confidence of bulls has increased significantly. However, the battle between the bulls and the bears is still confusing, so let's take a look at the details.

Breakout signal: AVAX stands above the 50-day moving average, indicating that bulls are trying to turn the situation around. However, the next rebound may encounter strong resistance in the range of $44.70 to $46.7 (61.8% retracement level).

Short-term support: If the decline is blocked, the 20-day moving average ($41) will become a key support, and bulls need to hold their ground here.

Resistance range:

$44.70: The first obstacle to a short-term rebound.

$46.7: Key retracement resistance level, a breakthrough by bulls here will further open up room for growth.

Support level:

$41 (20-day moving average): an important defense line for bulls, a pullback and rebound will consolidate the upward trend.

$35: short target, a break below this will turn into a bearish pattern.