BNB price analysis for 10 November 2022, BNB, the third largest cryptocurrency based on market cap, is in a downtrend since November 2021. The downtrend broke in August but the 50 weekly SMMA stood as resistance. You can read more about BNB 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 negative with a positive histogram and the RSI fluctuates above 50.
BNB price analysis on the Daily Chart 10 November 2022
By diving into the daily timeframe, the price seems that fails to surpass the previous resistance area. At the same time, the price fluctuates below the 50 SMMA line ($291.4) and the uptrend trendline.
The TFLOW V2 Algo has already generated a Buy signal.
The Daily MACD indicator is still positive with a negative histogram.
The Daily RSI fluctuates below 50.
In the 5-hour chart, BNB rejects previous resistance areas. The price fluctuates below the 50 SMMA ($311.1). The Volume Profile indicator determines $271.5 as a strong trading area, which just has been encountered.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the overbought zone.
The price of BNB forms a bearish momentum in the weekly chart as the technical analysis and the indicators coincide. In the short-term scale, it seems that sellers push the price lower after reaching previous highs. The current price needs monitoring as it can act as a support.
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