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#July PPI Beats Expectations#
The recent unlocking of 1.67 million AVAX tokens worth nearly $40 million had little impact on the altcoin's price, demonstrating its resilience to increased supply.
AVAX is holding above the important support level of $24.39, while the 50-day EMA is approaching the 200-day EMA. The formation of a "golden cross" could signal a rise. If this happens, the price may rise to $26.11 or higher, continuing the upward movement. However, if selling pressure intensifies, AVAX could drop below the support level of $24.39. In this case, the price could fall to $23.33 or lower, which would negate the bullish forecast and indicate a possible correction.