AVAX price analysis for 28 February 2023

AVAX price analysis for 28 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 second day of this week, it seems that sellers 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 28 February 2023

By diving into the daily timeframe, the price tries to reach the daily 50 SMMA($17.22). 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 slightly turns negative.

The Daily RSI fluctuates below 50.

In the 5-hour chart, AVAX fluctuates above the 50 SMMA line of $19.04. The Volume Profile indicator determines $17.94 as a strong trading area and the price fluctuates below it. The price fluctuates below these indicators.

The 5-hour MACD is 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 sellers push the price back to previous support levels. The price fluctuates below the 5-hour indicators.

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