BNB price analysis for 26 October 2022

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BNB price analysis for 26 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 third 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 26 October 2022

By diving into the daily timeframe, the price fluctuates in a downtrend. The price tries to surpass the 50 SMMA line ($282.3) and the downtrend trendline once again. The movement seems to be more neutral as it continues to fluctuate in this specific price range for the moment.

The TFLOW V2 Algo has already generated a Short signal.

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The Daily MACD indicator slightly turns positive.

The Daily RSI fluctuates over 50.

In the 5-hour chart, BNB encounters resistance areas. The price fluctuates over the 50 SMMA ($274.9) and the downtrend trendline. The Volume Profile indicator determines $277.4 as a strong trading area, which surpassed.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 but fluctuates in the overbought zone.

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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 push the price higher back to previous resistance areas. We observe these areas for a possible price drop.

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