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AVAX price analysis for 16 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 fourth 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 16 March 2023
By diving into the daily timeframe, the price rejects the daily 50 SMMA($16.88). Additionally, the price decrease may continue to lower levels.
The TFLOW V3 Algo has already generated a Take Profit signal.
The Daily MACD is negative with a positive histogram.
The Daily RSI fluctuates below 50.
In the 5-hour chart, AVAX fluctuates below the 50 SMMA line of $16.54. The Volume Profile indicator determines $17.18 as a strong trading area and the price fluctuates below it. The price fluctuates below the previous support zone.
The 5-hour MACD is positive with a negative 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 the price fluctuates below previous support levels. Moreover, the price rejects the daily 50 SMMA and we observe this area for a possible continuation of the downtrend.
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The post AVAX price analysis for 16 March 2023 appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
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