BNB price analysis for 11 October 2022

BNB price analysis for 11 October 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. On the second day of this week, it seems that sellers control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI is still under 50.

BNB price analysis on the Daily Chart 11 October 2022

By diving into the daily timeframe, the price fluctuates above the downtrend trendline. The price dropped under the 50 SMMA line ($285.7).

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator slightly turns negative.

The Daily RSI fluctuates under 50.

In the 5-hour chart, BNB dropped after reaching previous resistance levels. It fluctuates below the 50 SMMA ($282.6). The Volume Profile indicator determines $281.1 as a strong trading area, which has been surpassed.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the oversold zone.

Conclusion

The price of BNB forms a bearish momentum in a medium-term scale as the technical analysis and the indicators coincide. In the short-term scale, it seems that sellers take control of the price and lead it back to previous lows. An upside movement is very likely from these areas.

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