BNB price analysis for 18 November 2022

BNB price analysis for 18 November 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 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.

BNB price analysis on the Daily Chart 18 November 2022

By diving into the daily timeframe, the price slightly drags below the uptrend trendline once again. At the same time, the price fluctuates below the 50 SMMA line ($290.0).

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 tries to reach lower prices under the uptrend trendline area. The price fluctuates below the 50 SMMA ($292.7). The Volume Profile indicator determines $271.5 as a strong trading area, which has been potentially surpassed.
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, we observe a price decrease but the movement seems not very powerful at the same time.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal