AVAX price analysis for 16 November 2022

AVAX price analysis for 16 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 third 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 16 November 2022

By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($19.11) 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 $15.57. The Volume Profile indicator identifies $13.35 as a strong trading area. Moreover, the price continues fluctuating under major support areas and we observe the specific range for price reaction.

The 5-hour MACD is negative with a positive histogram. 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 is neutral to bearish as fluctuates in a sideways movement under major trading areas.

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