Spoilers for Moon Knight: Black, White and Blood #4 ahead!
The greatest indicator of Moon Knight's impressive strength is that he squares off against each of the Avengers every night — and wins. Moon Knight's power level is often a variable thing, depending on which personality is in control, the phase of the moon, and whether he is currently in Khonshu's favor. And yet, he is consistently able to take on threats far above his weight class. His training as Marc Spector already leaves him a more-than-capable street level opponent, and with Khonshu's blessing he is able to channel the god's magic and power, though usually at a cost.
Moon Knight: Black, White and Blood is an anthology series with each story focusing on a different element of Moon Knight. It's a format that serves the embattled nature of Moon Knight and his alters very well: the multiple different voices of the authors along with the personalities they choose to write about do an excellent job of portraying the totality of Moon Knight in a way that does not always carry through in a single-perspective storyline. Whether it is Mr. Knight in his Mission, Jake in his cabbie business, or Marc brandishing cape and cowl, they all act as the Fist of Khonshu in their own way.
In Christopher Cantwell and Alex Lin's story "Good Morning" from Moon Knight: Black, White and Blood #4, Moon Knight recounts a dream that he is compelled to have each night in which he stands on a game board marked with Xs and a single O. He must move to the O by the end of the night; to stay on an X is death. Each square, however, forces him to confront ever-mounting odds, from Moon Knight’s worst enemies to his friends and then, ultimately, himself.
Critically, Moon Knight appears to be fully lucid during these dreams. They are not presented as figments or fantasies but as actual obstacles that Moon Knight must face under Khonshu's eye. This means that when he must defeat his friends to progress, he is not fighting using dream logic; rather, he is squaring off against Marvel's strongest figures in a life-or-death battle. And since losing means death, not only has Moon Knight yet to be defeated by a single Avenger, he has beaten each one of them in turn.
While this may all be part of a dream, it pays to remember that as the god of the moon, Khonshu abides over the night; as such, any dream of his avatar’s cannot be dismissed as "just" a dream but rather bears the weight of Moon Knight’s powers through Khonshu. Therefore, while Moon Knight may have yet to square off against each of the Avengers in the waking world, the fact that he has demonstrated the ability to do so each night is a powerful testament to his full capabilities. As much as this story is symbolic of Moon Knight's constant internal struggle, it also serves to show that there are few challenges that the Fist of Khonshu cannot overcome — including all the Avengers.
Moon Knight: Black, White and Blood is now available from Marvel Comics.