AVAX Analysis
This could trigger a rally
Avalanche (AVAX) moved downward from the resistance line of the descending channel formation on August 25, indicating that bears aggressively prevented a breakout above this level.
After bears pushed the price down, it reached the 20-day EMA ($23.89), a crucial level for bulls to defend. If the price strongly rebounds from the current level, it could indicate that the dips are being bought.
This could trigger a rally above the channel. Consequently, AVAX might climb to $33 and then to $37. However, in a bearish scenario, the price could drop to $19.50 and further.
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