AVAX investors are showing caution ahead of the upcoming Federal Reserve meeting. The price of AVAX has dropped nearly 9% over the past week, with a significant decline in open interest for futures contracts, indicating bearish sentiment. The DMI and ADX indicators confirm a bearish outlook, suggesting that if AVAX closes below $31.5, it may test $29.38. The market is also wary of increased volatility due to the Fed meeting and inflation data.

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