BNB price analysis for 23 November 2022

BNB price analysis for 23 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 third day of this week, it seems that pressure between buyers and sellers tries to balance based on the weekly Heikin Ashi Candlestick. Sellers are relatively stronger for the moment. The weekly MACD is negative with a positive histogram and the RSI fluctuates below 50.

BNB price analysis on the Daily Chart 23 November 2022

By diving into the daily timeframe, the price tries to surpass the 50 SMMA line ($287.9) and maintain the uptrend. Be aware of today’s FOMC Meeting Minutes, as high volatility is expected.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates over 50.

In the 5-hour chart, BNB tries to enter the uptrend trendline area. The price fluctuates over the 50 SMMA ($282.5). The Volume Profile indicator determines $271.6 as a strong trading area, which has been surpassed.
The 5-hour MACD slightly turns positive. The 5-hour RSI fluctuates below 50 but is close to the overbought 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, buyers take control of the price and push it back to the uptrend trendline. We observe this area for continuation or rejection.

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