AVAX price analysis for 15 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 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 15 November 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($19.22) after rejecting it and encounters the previous strong support zone of $13.77. The price fluctuates close to this area.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is 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 $15.79. The Volume Profile indicator identifies $13.28 as a strong trading area. Moreover, the price tries to reject major support areas and we observe the specific range for a possible upside movement.
The 5-hour MACD is negative with a positive movement. The 5-hour RSI fluctuates below 50.
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.
Read all the latest Crypto Analysis Articles here.
Join the TFLOW Trading Community: https://t.me/tflowglobal