BNB price analysis for 11 November 2022

BNB price analysis for 11 November 2022

BNB price analysis for 11 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 fifth 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 for 11 November 2022BNB price analysis on the Daily Chart 11 November 2022

BNB price analysis for 11 November 2022By diving into the daily timeframe, the price seems that fails to surpass the uptrend trendline. At the same time, the price fluctuates over the 50 SMMA line ($292.0).

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.

BNB price analysis for 11 November 2022In the 5-hour chart, BNB rejects the uptrend trendline area. The price fluctuates below the 50 SMMA ($310.0). The Volume Profile indicator determines $271.5 as a strong trading area, which has been encountered and rejected.
The 5-hour MACD is negative with a positive histogram. The 5-hour RSI fluctuates below 50.

Conclusion

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 buyers push the price higher and maintain the uptrend.

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