AVAX price analysis for 19 January 2023

AVAX price analysis for 19 January 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 buyers 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 January 2023

By diving into the daily timeframe, the price fluctuates over the daily 50 SMMA($14.79). Moreover, the price surpassed the $13.77 area. A return back to this area or the 50 SMMA is very likely to happen.

The TFLOW V3 Algo has already generated a Long signal.

The Daily MACD indicator is positive.

The Daily RSI fluctuates over 50 and seems that returns from the overbought zone.

In the 5-hour chart, AVAX surpassed the 50 SMMA line of $14.39. The Volume Profile indicator determines $16.71 as a strong trading area and the price fluctuates below it.

The 5-hour MACD is positive with a negative histogram. Additionally, 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, we observe buying pressure in the daily timeframe, but the 5-hour is dominated by sellers. We observe this area as the corrective movement may continue close to the 5-hour 50 SMMA line. Nothing significantly has been changed from the start of this week yet.

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