AVAX price analysis for 21 February 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 second day of this week, it seems that buyers try to 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 21 February 2023
By diving into the daily timeframe, the price rebounds from the daily 50 SMMA($17.00) area. Moreover, the price surpassed the $13.77 area. The price maintains the uptrend movement.
The TFLOW V3 Algo has already generated a Re-Entry Long signal.
The Daily MACD indicator is positive.
The Daily RSI fluctuates above 50.
In the 5-hour chart, AVAX fluctuates above the 50 SMMA line of $19.21. The Volume Profile indicator determines $17.94 as a strong trading area and the price fluctuates above to it. The price retests the 50 SMMA line and tries to encounter previous resistance areas.
The 5-hour MACD is positive. Additionally, 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, we observe that buyers push the price back to previous resistance levels. The price retests the 5-hour 50 SMMA and fluctuates higher.
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