AVAX price analysis for 11 January 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 third day of this week, it seems that buyers try to control the price 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 11 January 2023
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($14.45). Moreover, the price keeps fluctuating below $13.77 and a return back to this zone is very likely to happen.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
The Daily RSI fluctuates over 50.
The 50 Daily SMMA stands above the price, meaning that the bears control the price.
In the 5-hour chart, AVAX surpassed the 50 SMMA line of $11.88. The Volume Profile indicator determines $11.75 as a strong trading area and the price fluctuates above it.
The 5-hour MACD is positive for the moment. Additionally, the 5-hour RSI fluctuates over 50 and seems that return from the overbought zone.
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, buyers push the price higher after retesting the 5-hour indicators. We observe this area as a corrective movement may appear.
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