BNB price analysis for 3 November 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. You can read more about BNB price from CoinCodex. On the fourth day of this week, it seems that buyers take control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI fluctuates above 50.
BNB price analysis on the Daily Chart 3 November 2022
BNB price analysis on the Daily Chart 3 November 2022
By diving into the daily timeframe, the price fluctuates back to previous resistance areas. The price surpassed the 50 SMMA line ($287.1).
The TFLOW V2 Algo has already generated a Buy signal.
The Daily MACD indicator is positive.
The Daily RSI fluctuates over 50 but is close to the overbought zone.
In the 5-hour chart, BNB surpasses previous resistance areas. The price fluctuates over the 50 SMMA ($292.5). The Volume Profile indicator determines $272.0 as a strong trading area, which surpassed.
The 5-hour MACD is positive with a negative histogram. The 5-hour RSI fluctuates over 50 but is close to 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 back to previous highs. We observe these areas for a possible price drop as the 5-hour indicators seem to be exhausted. On the other hand, the price action seems to be strong and a breakout is very likely to happen.
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