BNB price analysis for 31 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. You can read more about BNB price from CoinCodex. On the first 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 fluctuates above 50.
BNB price analysis on the Daily Chart 31 October 2022
BNB price analysis on the Daily Chart 31 October 2022
By diving into the daily timeframe, the price fluctuates above the downtrend trendline. The price surpassed the 50 SMMA line ($284.3). The price surpasses previous resistance areas.
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 ($285.0) and the downtrend trendline. The Volume Profile indicator determines $271.0 as a strong trading area, which surpassed.
The 5-hour MACD is positive but forms 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 push the price higher. We observe these areas for a possible price drop as the 5-hour indicators seem to be exhausted.
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