BNB price analysis for 12 December 2022, BNB, the fifth 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 first day of this week, it seems that sellers try to control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI fluctuates below 50.
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BNB price analysis on the Daily Chart 12 December 2022
BNB price analysis on the Daily Chart 12 December 2022
By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($289.7). It seems that the price forms a sideways movement.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative.
The Daily RSI fluctuates below 50.
In the 5-hour chart, BNB drags lower. The price fluctuates below the 50 SMMA ($289.9) after rejecting it. The Volume Profile indicator determines $296.3 as a strong trading area, and the price fluctuates below it.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 and tries to reach the oversold zone.
Conclusion
The price of BNB forms a neutral/bearish momentum in the weekly chart as the technical analysis and the indicators coincide. In the short-term scale, sellers seem to be stronger and push the price lower.
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