Price Analysis of #AVAX

The rebound of Avalanche (#AVAX ) appears unstable near the moving average, indicating that the bear market continues to sell off during the rebound process.

The downward 20-day EMA ($42.11) and the RSI in the negative territory both suggest that the bear market is still dominating the market. The current support level is at $35.50, with another support level at $33.50. If these support levels are broken, the AVAX/USDT pair may further decline to $30.50.

If the price breaks above and closes above the 20-day EMA, it will be an initial signal of a rebound. This may drive the price back to the 50% Fibonacci retracement level of $44.70, with further upside to the 61.8% retracement level of $47.31.