AVAX price analysis for 10 February 2023

AVAX price analysis for 10 February 2023, AVAX, the twentieth-largest cryptocurrency based on market cap, is in a downtrend since November 2021. You can read more about AVAX price from CoinCodex. On the fifth day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates below 50. The price is still under the 50 SMMA line.

AVAX price analysis on the Daily Chart for 10 February 2023

By diving into the daily timeframe, the price fluctuates over the daily 50 SMMA($16.47) and tries to encounter it. Moreover, the price surpassed the $13.77 area. A return back to the 50 SMMA is very likely to happen.

The TFLOW V3 Algo has already generated a Take Profit signal.

The Daily MACD indicator is positive with a negative histogram.

The Daily RSI fluctuates below 50.

In the 5-hour chart, AVAX drops below the 50 SMMA line of $19.20. The Volume Profile indicator determines $16.84 as a strong trading area and the price tries to encounter it. The price starts building a new downtrend an a return back to the 50 SMMA is very likely to happen.

The 5-hour MACD is negative. Additionally, the 5-hour RSI fluctuates below 50.

Conclusion

The price of AVAX forms a bearish momentum in medium-term scale as the technical analysis and the indicators coincide. In a short-term scale, we observe that sellers push the price lower by forming bearish price action. A retest on the 50 SMMA is very likely to happen.

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