AVAX price analysis for 16 February 2023

AVAX price analysis for 16 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 fourth day of this week, it seems that 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.

AVAX price analysis on the Daily Chart for 16 February 2023

By diving into the daily timeframe, the price rebounds from the  daily 50 SMMA($16.70) area. Moreover, the price surpassed the $13.77 area. The price maintains the uptrend movement.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD indicator is positive with a negative histogram.

The Daily RSI fluctuates above 50.

In the 5-hour chart, AVAX fluctuates above the 50 SMMA line of $18.75. The Volume Profile indicator determines $17.18 as a strong trading area and the price fluctuates above to it. The price tries to recover from the last price decrease.

The 5-hour MACD slightly turns positive. Additionally, the 5-hour RSI fluctuates over 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 buyers push the price back to previous resistance levels. A retest on the 50 SMMA is very likely to happen.

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