AVAX price analysis for 15 February 2023

AVAX price analysis for 15 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 third day of this week, it seems that sellers 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 15 February 2023

By diving into the daily timeframe, the price tries to reach the daily 50 SMMA($16.60). Moreover, the price surpassed the $13.77 area. A return back to this area is very likely to happen.

The TFLOW V3 Algo has already generated a Short 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 $18.67. The Volume Profile indicator determines $16.84 as a strong trading area and the price fluctuates above to it. The price starts building a new downtrend without a return back to the 50 SMMA.

The 5-hour MACD is negative with a positive histogram. 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 after the upcoming price decrease.

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