AVAX price analysis for 20 October 2022

AVAX price analysis for 20 October 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fourth 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 20 October 2022

By diving into the daily timeframe, the price keep fluctuating in a downtrend. The price reached the strong support range once again.

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

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50 which indicates the bears’ pressure but is close to the oversold zone.

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

In the 5-hour chart, AVAX fluctuates under the 50 SMMA line of $16.36. The Volume Profile indicator identifies $17.23 as a strong trading area. Apparently, sellers remain strong and lead the price back to the previous lows. An upside movement is very likely to happen.

The 5-hour MACD turns negative. 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 lower back to previous support areas. We observe this support area as an upside movement is very likely to happen.

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