AVAX price analysis for 28 September 2022

AVAX price analysis for 28 September 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the third day of this week, it seems that sellers 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 September 2022

By diving into the daily timeframe, the price is still in a downtrend and tries to reach $13.77. The price returns back from the downtrend trendline after rejecting it.

The TFLOW Beta Algo has already generated a Short Daily signal and two TP signal as the buyers pushed the price higher.

The Daily MACD indicator is negative but forms 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 4-hour chart, AVAX fluctuates in a downtrend, below the downtrend trendline and the 50 SMMA line of $18.06. These areas acted as resistance. The Volume Profile indicator identifies $17.26 as a strong trading area, which surpassed.

The 4-hour MACD turns negative. The 4-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, sellers drag the price lower after it reached bearish levels.

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