AVAX price analysis for 2 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 buyers 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.
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AVAX price analysis on the Daily Chart for 2 November 2022
AVAX price analysis on the Daily Chart for 2 November 2022
By diving into the daily timeframe, the price keeps fluctuating in an uptrend and now it seems that tries to reject the daily 50 SMMA. We are expecting market volatility due to today’s FOMC announcements.
The TFLOW V2 Algo has already generated two Short Daily signals.
The Daily MACD indicator is positive.
The Daily RSI fluctuates over 50.
The 50 Daily SMMA stands above the price which means that the bears control the price for the moment.
In the 5-hour chart, AVAX surpassed the 50 SMMA line of $17.22. The Volume Profile indicator identifies $17.24 as a strong trading area, which surpassed. The price returns back to these areas.
The 5-hour MACD is positive with a negative 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, sellers push the price back to strong trading areas. The 5-hour indicators seem to be exhausted and a price decrease is going to happen.
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