AVAX Convergence Sets Up September Showdown: Can Smart Money Drive Price to $8.07?
AVAX is trading at $7.33, with smart money holding a net long position of 72%, according to recent data. The upper Bollinger Band has converged with the 200-day Simple Moving Average (SMA) at $8.07-$8.11.
This convergence sets up a defining trade for September, and experts believe that breaking above $7.47 could trigger a significant price increase. The 24-hour spot volume on Binance is $8.7M, indicating honest money accumulation rather than a pump or dump pattern.
The derivatives picture shows open interest declining by 3.87% over the past 24 hours while prices held steady, suggesting short covering rather than fresh longs entering the market. The near-neutral funding rate and taker buy/sell ratio at 0.93 also indicate no froth or excessive selling pressure.