AVAX price analysis for 24 January 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 second day of this week, it seems that buyers 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.
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AVAX price analysis on the Daily Chart for 24 January 2023
By diving into the daily timeframe, the price fluctuates over the daily 50 SMMA($15.07). Moreover, the price surpassed the $13.77 area. A return back to this area or the 50 SMMA is very likely to happen.
The TFLOW V3 Algo has already generated a Long signal.
The Daily MACD indicator is positive.
The Daily RSI fluctuates over 50 and close to the overbought zone.
In the 5-hour chart, AVAX fluctuates over the 50 SMMA line of $15.54. The Volume Profile indicator determines $17.04 as a strong trading area and the price fluctuates above it.
The 5-hour MACD is positive. 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 buying pressure in the daily timeframe, but the 5-hour timeframe seems more neutral. We observe this area as the corrective movement may continue close to the 5-hour 50 SMMA line.
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