AVAX Price Hits Upper Band Resistance, Suggesting Bearish Short-Term Outlook
AVAX has been sitting at a critical inflection point after experiencing a 3.89% drop to $7.73, where it hit the upper Bollinger Band and got rejected. This rejection was not random but rather exactly at the upper-band resistance, indicating that supply is present.
The MACD momentum zeroed out, signaling that bulls and bears have fought each other to a complete standstill, which often resolves with a shakeout rather than a clean breakout. The price of AVAX is currently below both the 7-day SMA at $7.79 and the 200-day SMA at $8.04.
This pattern of upper-band tap, momentum exhaustion, and price below the 200-day consistently precedes a mean-reversion flush before any durable recovery, according to Blockchain.news' tracking of AVAX through multiple cycle corrections.