BNB price analysis for 5 December 2022

BNB price analysis for 5 December 2022

BNB price analysis for 5 December 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 first day of this week, it seems that pressure between buyers and sellers tries to balance based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI fluctuates below 50.

BNB price analysis for 5 December 2022 BNB price analysis on the Daily Chart 5 December 2022

BNB price analysis for 5 December 2022By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($290.0) and tries to maintain the uptrend.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is positive.

The Daily RSI fluctuates over 50.

BNB price analysis for 5 December 2022In the 5-hour chart, BNB entered the uptrend trendline area. The price fluctuates over the 50 SMMA ($292.5). The Volume Profile indicator determines $296.3 as a strong trading area, and the price fluctuates on it.
The 5-hour MACD is negative with a positive 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 try to take control of the price and push it higher. We observe the price for a clear crossover.

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