The bears have thwarted the bulls' attempts to push the price of Avalanche (AVAX) above the resistance line of the ascending channel on November 17.
AVAX/USDT daily chart | Source: TradingView
The 20-day EMA ($31.59) is an important support level to watch on the downside. If the price rises from the current level or bounces strongly from the 20-day EMA, it will signal buying strength during pullbacks. At that point, the likelihood of the price breaking through resistance will increase, and the AVAX/USDT pair could surge to $42, followed by $50.
Conversely, if the price breaks and closes below the 20-day EMA, it indicates that the bulls are losing control. The price could drop to the 50-day SMA ($28.24), extending the time spent in the ascending channel for a few more days.
