AVAX Stalls at $7.42 as Momentum Wavers Amid Resistance
AVAX has stabilized at $7.42 after a 0.64% gain over the last 24 hours, but its technical indicators suggest that it may be struggling to break through resistance.
The asset's recovery structure is impressive, with it reclaiming both its 20-day and 50-day moving averages. However, the MACD histogram has flatlined at zero, indicating a possible stall in momentum.
Despite this, sentiment data indicates that smart money is still bullish on AVAX, with whales running 73.9% long. Retail investors are also leaning heavily towards buying, with a taker buy/sell ratio of 1.32 and funding sitting nearly flat at 0.0059%.
However, the open interest data shows that OI dropped 4.48% in the last 24 hours while price barely moved, indicating that someone is trimming positions into this range.