AVAX price analysis for 5 December 2022, 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 first day of this week, it seems that buyers 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 5 December 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($17.15) after rejecting it and surpassing the previous strong support zone of $13.77. The price fluctuates above this area once again.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
The Daily RSI fluctuates over 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, AVAX surpasses the 50 SMMA line of $13.41. The Volume Profile indicator determines $13.16 as a strong trading area that has been surpassed. Moreover, the price already retested these zones.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 but is close to the overbought zone.
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 previous resistance areas. We observe the price for a possible further increase.
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