BNB price analysis for 25 October 2022, BNB, the third 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. On the second day of this week, it seems that buyers try to take control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI is still under 50.
BNB price analysis on the Daily Chart 25 October 2022
BNB price analysis on the Daily Chart 25 October 2022
By diving into the daily timeframe, the price fluctuates in a downtrend. The price dropped under the 50 SMMA line ($282). Afterwards, the price reached the $260 area which has been rejected. The movement seems to be more neutral as it continues to fluctuate in this specific price range.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative with a positive histogram.
The Daily RSI fluctuates under 50.
In the 5-hour chart, BNB encounters resistance areas. The price fluctuates on the 50 SMMA ($273.9). The Volume Profile indicator determines $273.8 as a strong trading area.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 but seems that return from the overbought zone.
Conclusion
The price of BNB forms a bearish momentum in a medium-term scale as the technical analysis and the indicators coincide. In the short-term scale, it seems that buyers pushed the price higher back to previous resistance areas. We observe these areas for a possible price drop.
Read all the latest Crypto Analysis Articles here.
Join the TFLOW Trading Community:Â https://t.me/tflowglobal
🔥JOIN THECONRISE.COM'S MONTHLY $1000 GIVEAWAY AND FEEL VALUED AS A READER! DON'T MISS OUT! 🔥
