AVAX price analysis for 4 January 2023

AVAX price analysis for 4 January 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 third 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 4 January 2023

By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($14.80). Moreover, the price keeps fluctuating below $13.77 and a returns back to the $9.41 support zone is very likely to happen. Today the price moves higher back to previous resistance zones.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative with a positive histogram.

The Daily RSI fluctuates below 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 $11.67. The Volume Profile indicator determines $11.75 as a strong trading area and the price fluctuates above it.

The 5-hour MACD is positive. Additionally, the 5-hour RSI fluctuates over 50 and close to 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 back to the previous resistance areas. We observe this area for a possible price reaction.

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