AVAX price analysis for 30 September 2022

AVAX price analysis for 30 September 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth 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 30 September 2022

By diving into the daily timeframe, the price is still in a downtrend and tries to reach $13.77. The price fluctuates below the downtrend trendline.

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 $17.88. The Volume Profile indicator identifies $17.26 as a strong trading area. These areas act as resistance and a return back to the 50 SMMA is very likely.

The 4-hour MACD is negative with a positive histogram. The 4-hour RSI fluctuates below 50 but seems to be more neutral.

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 keep the price under their control as it encounters resistance levels. Be aware of possible short-term upside movements.

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