AVAX price analysis for 8 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 fourth day of this week, it seems pressure between buyers and sellers tries to balance 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.
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AVAX price analysis on the Daily Chart for 8 December 2022
AVAX price analysis on the Daily Chart for 8 December 2022
By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA($16.92) after rejecting it and surpassing the previous strong support zone of $13.77. The price fluctuates below 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 below 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 $13.42. The Volume Profile indicator determines $13.10 as a strong trading area that has been encountered once again. Moreover, the price seems that tries to build a new downtrend.
The 5-hour MACD slightly turns negative. 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 below previous resistance areas. We observe the price for a possible continuation of the downtrend.
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