AVAX price analysis for 23 September 2022

AVAX price analysis for 23 September 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth 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 23 September 2022

By diving into the daily timeframe, the price is still in a downtrend and tries to reach $13.77. The price forms a retracement back to the downtrend trendline as we are waiting for today’s Jerome Powell speech.

The TFLOW Beta Algo has already generated a Short Daily signal and a TP signal as the buyers pushed the price higher.

The Daily MACD indicator is negative but forms a positive histogram.

The Daily RSI fluctuates below 50 which indicates the bears’ pressure.

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

In the 4-hour chart, AVAX fluctuates in a downtrend, below the 50 SMMA line of $18.48. The Volume Profile indicator identifies $18.93 as a strong trading area. The price getting closer to these resistance areas.

The 4-hour MACD slightly becomes positive. The 4-hour RSI fluctuates under 50 but seems a little bit exhausted.

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, bulls pushed the price higher close to areas which dominated by sellers. We observe the price reaction for possible drop.

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