AVAX price analysis for 31 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 first day of this week, it seems that buyers 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.
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AVAX price analysis on the Daily Chart for 31 October 2022
AVAX price analysis on the Daily Chart for 31 October 2022
By diving into the daily timeframe, the price keeps fluctuating in an uptrend and now it seems that tries to encounter the daily 50 SMMA.
The TFLOW V2 Algo has already generated two Short Daily signals.
The Daily MACD indicator slightly turns positive.
The Daily RSI fluctuates over 50 but is close to the overbought zone.
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 $16.86. The Volume Profile indicator identifies $17.14 as a strong trading area, which surpassed.
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.
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, buyers push the price above strong trading areas. The 5-hour indicators seem to be exhausted and a price decrease is very likely.
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