AVAX price analysis for 31 March 2023

AVAX price analysis for 31 March 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 fifth day of this week, it seems that 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 31 March 2023

By diving into the daily timeframe, the price fluctuates above the daily 50 SMMA($16.94). Additionally, we observe the current area for price reaction.

The TFLOW V3 Algo has already generated a Trade Long signal.

The Daily MACD is positive with a histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, AVAX fluctuates over the 50 SMMA line of $16.93. The Volume Profile indicator determines $17.36 as a strong trading area and the price fluctuates on it. The price moves sideways.

The 5-hour MACD is positive. Additionally, the 5-hour RSI fluctuates over 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 the price fluctuates over the daily and the 5-hour 50 SMMA by forming a sideways movement for the moment.

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