BNB price analysis for 29 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 second day of this week, it seems that buyers are stronger 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 29 November 2022
By diving into the daily timeframe, the price surpassed the 50 SMMA line ($289.4) and tries to maintain the uptrend. We observe a retest back to it.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator slightly turns positive.
The Daily RSI fluctuates over 50.
In the 5-hour chart, BNB entered the uptrend trendline area. The price fluctuates over the 50 SMMA ($296.3). The Volume Profile indicator determines $296.3 as a strong trading area, and the price fluctuates above it.
The 5-hour MACD is positive with a negative histogram. The 5-hour RSI fluctuates over 50.
Conclusion
The price of BNB forms a neutral/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. It seems that a price increase is very likely to happen.
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