BNB price analysis for 16 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 third day of this week, it seems that sellers take control of 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 16 November 2022
BNB price analysis on the Daily Chart 16 November 2022
By diving into the daily timeframe, the price seems that fails to surpass the uptrend trendline. At the same time, the price fluctuates below the 50 SMMA line ($290.6).
The TFLOW V2 Algo has already generated a potential Short signal.
The Daily MACD indicator slightly turns negative.
The Daily RSI fluctuates below 50.
In the 5-hour chart, BNB tries to reject the uptrend trendline area once again. The price fluctuates below the 50 SMMA ($298.0). The Volume Profile indicator determines $277.0 as a strong trading area, which has been encountered and can act as support.
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 are stronger as the price fails to drag lower. An upside movement is very likely to happen.
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