AVAX price analysis for 16 December 2022, 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 fifth day of this week, it seems that the pressure tries to balance between buyers and sellers 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.
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AVAX price analysis on the Daily Chart for 16 December 2022
AVAX price analysis on the Daily Chart for 16 December 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($16.39). The price keeps fluctuating close to $13.77 area which can act as resistance.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
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 fluctuates sideways back to previous highs Moreover, it is between the 50 SMMA line of $13.39 and the Volume Profile indicator. That determines $13.05 as a strong trading area that has been encountered.
The 5-hour MACD slightly turns negative. 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, the price fluctuates back to previous resistance areas. We observe the area for price reaction.
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