AVAX price analysis for 25 October 2022

AVAX price analysis for 25 October 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the second day of this week, it seems that the 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 25 October 2022

By diving into the daily timeframe, the price keeps fluctuating in a downtrend. The price reached the strong support range once again.

The TFLOW V2 Algo has already generated two Short Daily signals.

The Daily MACD indicator is negative with 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 5-hour chart, AVAX reached the 50 SMMA line of $16.09 and rejected it immediately. The Volume Profile indicator identifies $17.23 as a strong trading area. Apparently, sellers remain strong.

The 5-hour MACD is positive but forms a negative histogram. The 5-hour RSI fluctuates over 50 but seems that return back from the overbought zone.

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, sellers try to take control once again and lead it back to the previous low.

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