AVAX price analysis for 18 October 2022

AVAX price analysis for 18 October 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. 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 18 October 2022

By diving into the daily timeframe, the price tries to recover after reaching previous support areas.

The TFLOW V2 Algo has already generated a Short Daily signal.

The Daily MACD indicator is negative with a positive histogram.

The Daily RSI fluctuates below 50 which indicates the bears’ pressure.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 5-hour chart, AVAX rejects the strong support area and tries to encounter the 50 SMMA line of $16.55. The Volume Profile indicator identifies $17.23 as a strong trading area. We observe these areas for a possible upcoming drop.

The 5-hour MACD slightly turns positive. 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, buyers push the price higher after it rejected the previous low. The price continues higher and tries to reach the 50 SMMA line.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal