Crypto
AVAX Slams into Resistance at $8.06: Can it Break Through?
AVAX is currently trading at $7.76 and facing strong resistance from its 200-day Simple Moving Average (SMA) of $8.06, a crucial level that could define the next move for the asset.
The token has reclaimed all short-term moving averages, including the 7-day SMA at $7.51 and the 20-day SMA at $7.42, which is good news. However, the fact that it hasn't yet reclaimed the 200-day SMA, a key indicator of a trend reversal, is cause for concern.
According to the source, AVAX has historically struggled to sustain rallies when momentum stalls below the 200-day SMA, and this moment fits that mold precisely.