AVAX price analysis for 11 October 2022

AVAX price analysis for 11 October 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the second day of this week, it seems that sellers 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 October 2022

By diving into the daily timeframe, the price is still in a downtrend and forms a consolidation movement.

The TFLOW V2 Algo has already generated a Short Daily signal.

The Daily MACD indicator slightly turns negative.

The Daily RSI fluctuates below 50 which indicates the bears’ pressure.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 5-hour chart, AVAX rejects the 50 SMMA line of $17.30 multiple times and finally continues lower. The Volume Profile indicator identifies $17.30 as a strong trading area which surpassed.

The 5-hour MACD turns negative. The 5-hour RSI fluctuates below 50 but is close to the oversold 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, sellers push the price lower as it encounters previous resistance areas. A short-term upside movement is very likely to happen.

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