AVAX price analysis for 7 February 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 second day of this week, it seems that buyers try to control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates over 50. The price is still under the 50 SMMA line.
AVAX price analysis on the Daily Chart for 7 February 2023
By diving into the daily timeframe, the price fluctuates over the daily 50 SMMA($16.31). Moreover, the price surpassed the $13.77 area. A return back to this area or the 50 SMMA is very likely to happen. Be aware of Jerome’s Powell speech today.
The TFLOW V3 Algo has already generated a Take Profit signal.
The Daily MACD indicator is positive with a negative histogram.
The Daily RSI fluctuates over 50 and seems that returns from the overbought zone.
In the 5-hour chart, AVAX fluctuates over the 50 SMMA line of $19.08. The Volume Profile indicator determines $17.17 as a strong trading area and the price fluctuates above it. The price creates a bullish price action for the moment.
The 5-hour MACD is negative. Additionally, the 5-hour RSI fluctuates below 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, we observe buying pressure in the daily timeframe and bullish price action in 5-hour timeframe. The price has an uptrend movement at the moment and a retest back to the 50 SMMA is very likely to happen.
Read all the latest Crypto Analysis Articles here.
Join the TFLOW Trading Community: https://t.me/tflowglobal