AVAX price analysis for 19 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 first day of this week, it seems sellers try to control 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 19 December 2022
AVAX price analysis on the Daily Chart for 19 December 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($16.10). The price keeps fluctuating below $13.77 and back to previous support zones.
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 fluctuates sideways back to previous lows. Moreover, it surpassed the 50 SMMA line of $13.01 and the Volume Profile indicator that determines $12.98 as a strong trading area.
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 fluctuates back to previous support areas. We observe this area as a price increase is very likely to happen.
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