AVAX price analysis for 22 November 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 second 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.
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AVAX price analysis on the Daily Chart for 22 November 2022
AVAX price analysis on the Daily Chart for 22 November 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($18.33) after rejecting it and encounters the previous strong support zone of $13.77. The price fluctuates below this area and continues dragging lower.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative.
The Daily RSI fluctuates below 50 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 dropped below the 50 SMMA line of $14.21. The Volume Profile indicator determines $13.20 as a strong trading area that has been surpassed. Moreover, the price continues fluctuating below the previous bottom of the last drop.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the oversold zone.
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, below the previous corrective movement.
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