AVAX price analysis for 28 October 2022, AVAX, the sixteenth 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 the pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. Buyers are relatively stronger. 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 October 2022
By diving into the daily timeframe, the price keeps fluctuating in a downtrend. The price reached the strong support range once again. Now it seems like the price tries to encounter the daily 50 SMMA.
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 over 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, AVAX surpassed the 50 SMMA line of $16.32. The Volume Profile indicator identifies $17.12 as a strong trading area. We observe this resistance area for a possible drop.
The 5-hour MACD is positive but forms a negative histogram. The 5-hour RSI fluctuates over 50 but it seems that returns from the overbought zone.
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, buyers push the price back to strong trading areas which can act as resistance and an upcoming drop is very likely to happen.
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