Price Analysis of Avalanche

Avalanche

AVAX

tickers down

34.24 €

has broken below the immediate support of 34.87 dollars on January 13, indicating that the bears are in control.

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Daily candlestick chart of the AVAX/USDT pair. Source: Cointelegraph/TradingView

There is minor support at 33.60 dollars, but it is likely to be broken. The AVAX/USDT pair could then drop to 30.50 dollars. This is a crucial support for the bulls to defend, as if they fail in their attempt, the pair could collapse to 22.35 dollars.

Attempts to initiate a relief rally are likely to face selling at the 20-day exponential moving average (38.67 dollars) and again at the 45 dollar resistance. Buyers will have to push the pair above 45 dollars to indicate that the corrective phase may have ended.