AVAX price analysis for 24 February 2023

AVAX price analysis for 24 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 fifth 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 24 February 2023

By diving into the daily timeframe, the price rebounds from the  daily 50 SMMA($17.18) area and fluctuates back to previous tops. 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 $19.48. The Volume Profile indicator determines $20.17 as a strong trading area and the price fluctuates below it. The price retests the 50 SMMA line once again.

The 5-hour MACD slightly turns negative. Additionally, 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, we observe that buyers push the price back to previous resistance levels. The price retests the 5-hour 50 SMMA but fails to reach the previous resistance areas.

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