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AVAX price analysis for 7 March 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 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 7 March 2023
By diving into the daily timeframe, the price drops under the daily 50 SMMA($17.14) and tries to encounters the $13.77 area. Additionally, the price decrease seems not powerful enough. Be aware of Jerome’s Powell testimony today.
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The Daily MACD is negative.
The Daily RSI fluctuates below 50.
In the 5-hour chart, AVAX fluctuates below the 50 SMMA line of $17.83. The Volume Profile indicator determines $17.79 as a strong trading area and the price fluctuates below it. The price fluctuates below these indicators and builds a new downtrend.
The 5-hour MACD is negative with a positive histogram. 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 that sellers push the price below previous support levels. Moreover, the price fluctuates below the 5-hour indicators and tries to encounters $13.77.
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