BNB price analysis for 21 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 first 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 21 November 2022
BNB price analysis on the Daily Chart 21 November 2022
By diving into the daily timeframe, the price drags below the uptrend trendline. At the same time, the price fluctuates below the 50 SMMA line ($288.2).
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 ($286.5). The Volume Profile indicator determines $270.4 as a strong trading area, which has been surpassed.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the oversold zone.
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, sellers take control of the price and push it below the uptrend trendline.
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