AVAX is trading at $8.82, and the next few sessions could decide whether it holds or breaks. Smart money is 68% long, but technical indicators are flashing oversold. The critical support level at $8.37 faces an imminent test, and bears are watching for a breakdown below all major moving averages.
Smart money stays 68% long on AVAX
Despite the price slide, traders classified as “smart money” are still heavily positioned to the upside. That 68% long figure suggests institutional or experienced players see value at current levels — or at least aren't ready to flip short. But the oversold reading on the technicals complicates the picture. Oversold doesn't guarantee a bounce; it just means the selloff has been sharp and fast.
The $8.37 line in the sand
That $8.37 support isn't just a round number. It's a level that has held in previous dips, and a close below it would confirm a bearish break. If AVAX loses that floor, the next logical support is anyone's guess — the moving averages have already been broken on an intraday basis. The bears are eyeing a move that would put all major moving averages below price, a technical setup that often accelerates selling.
Resistance level ahead at $9.52
Even if AVAX manages to hold $8.37 and bounce, traders are watching $9.52 as the immediate resistance. That's the level AVAX would need to reclaim to signal any kind of recovery. Until then, the path of least resistance remains lower. The smart money longs will be tested if price lingers near the support zone without a strong reversal.
What comes next
The big question is whether $8.37 holds into the weekly close. If it does, the oversold condition could spark a short-term squeeze. If it doesn't, the bears will have a clear technical victory. No one is calling a bottom yet — the market is waiting for price to show its hand.
