AVAX continued its recovery, rising above the 50-day SMA ($24.88) on Aug. 22, indicating strong demand. The AVAX/USDT pair is likely to approach the resistance line, where bears are expected to defend.

A sharp decline from this resistance and a break below the moving averages could extend the stay within the descending channel. For a trend reversal, buyers need to push and maintain the price above $29, which could lead to a rise toward $33.