AVAX price analysis for 6 January 2023

AVAX price analysis for 6 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 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 6 January 2023

By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($14.68). Moreover, the price keeps fluctuating below $13.77 and a return back to the $9.41 support zone is very likely to happen.

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, meaning that the bears control the price.

In the 5-hour chart, AVAX failed to stay above the 50 SMMA line of $11.69. The Volume Profile indicator determines $11.75 as a strong trading area and the price fluctuates below it.

The 5-hour MACD is positive with a negative histogram. Additionally, the 5-hour RSI fluctuates below 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, sellers push the price lower after reaching previous resistance zones  We observe this area for a possible continuation.

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