Avalanche Price Analysis
Avalanche
AVAX
tickers down
42.25 €
has broken above the 50-day SMA ($43.23) on January 6, indicating that the bulls are attempting a comeback.
The relief rally is likely to face resistance in the zone between the 50% Fibonacci retracement level at $44.70 and the 61.8% retracement level at $47.31. If the price turns down from the upper zone, the AVAX/USDT pair could fall towards the 20-day EMA ($40.97). A strong bounce from the 20-day EMA will signal a shift in sentiment, from selling on rallies to buying on dips.
If the bears want to prevent the rise, they will have to quickly bring the price back below the 20-day EMA. If they succeed, the pair risks falling to $35.
