AVAX Price Plummets as Momentum Flatlines and Longs Become Overcrowded

The current price of AVAX sits at $6.68, but analysts are warning that momentum is flatlined and long positions are overcrowded.

A key technical indicator, the 200-day SMA, is currently at $8.94 - a whopping 34% above the current price.

This suggests that AVAX is still in a structurally weak position, despite any narrative about institutional momentum or green shoots.

The short-term picture is complex, with the 7-, 20-, and 50-day SMAs compressing to within a single cent of each other at around $6.57.