BNB price analysis for 16 December 2022

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BNB price analysis for 16 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 fifth 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.

BNB price analysis for 16 December 2022 BNB price analysis on the Daily Chart 16 December 2022

BNB price analysis for 16 December 2022By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($287.5). It seems that the price forms a sideways movement between a support and resistance range. The price fluctuates back to the previous support zone.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50.

BNB price analysis for 16 December 2022In the 5-hour chart, BNB seems that rebounds from the support area. The price fluctuates below the 50 SMMA ($282.8). The Volume Profile indicator determines $296.6 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 seems that rebound from 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, the price seems that keeps fluctuating close to the support zone. A price increase is very likely to happen.

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