AVAX price analysis for 8 November 2022

AVAX price analysis for 8 November 2022, AVAX, the sixteenth 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 sellers try to 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 8 November 2022

By diving into the daily timeframe, the price keeps fluctuating below the daily 50 SMMA after rejecting it.

The TFLOW V2 Algo has already generated a Long signal.

The Daily MACD indicator is positive but forms a negative 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 dropped below the 50 SMMA line of $17.87. The Volume Profile indicator identifies $15.84 as a strong trading area. The price tries to encounter the first support area.

The 5-hour MACD turns negative. The 5-hour RSI fluctuates below 50 but is close to the overbought zone.

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 areas from the daily timeframe.

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