BNB price analysis for 5 October 2022

BNB price analysis for 5 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 control 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 5 October 2022

By diving into the daily timeframe, the price tries to stay above the downtrend trendline. The price surpassed the 50 SMMA line ($286.3).

The TFLOW Beta Algo has already generated a Short signal and two TP signals as buyers push the price higher.

The Daily MACD indicator turns positive.

The Daily RSI fluctuates over 50.

In the 4-hour chart, BNB crossed over the 50 SMMA ($280.2) and surpassed the downtrend trendline. The Volume Profile indicator determines $277.4 as a strong trading area that acted as support.
The 4-hour MACD is positive. The 4-hour RSI fluctuates over 50.

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, buyers control the price and lead it back to previous resistance areas.

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