AVAX price analysis for 5 October 2022, AVAX, the sixteenth largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the third 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 5 October 2022
By diving into the daily timeframe, the price is still in a downtrend and forms a consolidation movement. The price surpassed the downtrend trendline and tries to continue higher.
The TFLOW Beta Algo has already generated a Short Daily signal and two TP signal as the buyers push 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 encounters the 50 SMMA line of $17.53. The Volume Profile indicator identifies $17.22 as a strong trading area. The price fluctuates between these areas.
The 4-hour MACD is positive. The 4-hour RSI fluctuates over 50.
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 close to resistance areas, where we expect the sellers to take action.
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