AVAX price analysis for 17 March 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 fifth 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 17 March 2023
By diving into the daily timeframe, the price fluctuates below the daily 50 SMMA($16.87). Additionally, sellers may appear at these levels.
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The Daily MACD is negative with a positive histogram.
The Daily RSI fluctuates below 50.
In the 5-hour chart, AVAX tries to surpass the 50 SMMA line of $16.49. The Volume Profile indicator determines $19.79 as a strong trading area and the price fluctuates below it. The price fluctuates below the previous support zone.
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 the price fluctuates below previous support levels. Moreover, the price fluctuates below the daily 50 SMMA and we observe this area for price reaction.
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