AVAX price analysis for 11 November 2022, AVAX, the sixteenth 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 sellers try to take control of 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 November 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($19.75) after rejecting it and encounters the previous strong support zone of $13.77. The price tries to stay above this support area.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator slightly turns negative.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, AVAX dropped below the 50 SMMA line of $17.07. The Volume Profile indicator identifies $15.79 as a strong trading area, the price fluctuates right below it. Moreover, the price rejected major support areas and we observe the specific area for a possible upside movement.
The 5-hour MACD is negative with a positive movement. The 5-hour RSI fluctuates below 50 but is close to the overbought zone.
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 reaching previous support areas. At the current price range, we observe the price as an upside movement is very likely to happen.
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