AVAX price analysis for 23 March 2023

AVAX price analysis for 23 March 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 fourth day of this week, it seems that pressure tries to balance between buyers and sellers 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 March 2023

By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA($16.92). Additionally, we observe the current area for a possible price increase.

The TFLOW V3 Algo has already generated a Trade Long signal.

The Daily MACD is negative with a positive histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, AVAX surpasses the 50 SMMA line of $16.80. The Volume Profile indicator determines $17.45 as a strong trading area and the price fluctuates above it. The price tries to build higher highs.

The 5-hour MACD is positive with a negative histogram. 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 the price fluctuates over the daily and the 5-hour 50 SMMA. Moreover, a short-term price increase is very likely to happen.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal