AVAX price analysis for 23 December 2022

AVAX price analysis for 23 December 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 fifth day of this week, it seems that sellers 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 23 December 2022

By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($15.76). Moreover, the price keeps fluctuating below $13.77 and back to the previous support zones.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50.

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

In the 5-hour chart, AVAX returned to previous support and slightly tries to recover. It fluctuates below the 50 SMMA line of $12.61 and the Volume Profile indicator that determines $13.52 as a strong trading area.

The 5-hour MACD is negative with a positive 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, the price rebounds from previous support areas. We observe the price for a possible increase until the 50 SMMA line.

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