BNB price analysis for 2 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 buyers are stronger 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 2 December 2022
BNB price analysis on the Daily Chart 2 December 2022
By diving into the daily timeframe, the price fluctuates on the 50 SMMA line ($289.8) and tries to maintain the uptrend. Be aware of NFP news today.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is positive with a negative histogram.
The Daily RSI fluctuates below 50.
In the 5-hour chart, BNB entered the uptrend trendline area. The price fluctuates below the 50 SMMA ($292.7). The Volume Profile indicator determines $271.6 as a strong trading area, and the price fluctuates above it.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50.
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 take control of the price and push it lower. The price forms a downtrend movement but seems not very powerful.
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