BNB price analysis for 24 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 fourth 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.
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BNB price analysis on the Daily Chart 24 November 2022
BNB price analysis on the Daily Chart 24 November 2022
By diving into the daily timeframe, the price surpassed the 50 SMMA line ($288.1) and tries to maintain the uptrend.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
The Daily RSI fluctuates over 50.
In the 5-hour chart, BNB entered the uptrend trendline area. The price fluctuates over the 50 SMMA ($283.9). 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 area. We observe this area for continuation or rejection as the 5-hour indicators seems exhausted.
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