BNB price analysis for 7 December 2022

BNB price analysis for 7 December 2022

BNB price analysis for 7 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 third day of this week, it seems that pressure between buyers and sellers tries to balance based on the weekly Heikin Ashi Candlestick. Sellers are relatively stronger. The weekly MACD is negative with a positive histogram and the RSI fluctuates below 50.

BNB price analysis for 7 December 2022 BNB price analysis on the Daily Chart 7 December 2022

BNB price analysis for 7 December 2022By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($289.7). A new downtrend could be formed.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator slightly turns negative.

The Daily RSI fluctuates below 50.

BNB price analysis for 7 December 2022In the 5-hour chart, BNB drags lower in a corrective movement. The price fluctuates below the 50 SMMA ($291.7). The Volume Profile indicator determines $296.3 as a strong trading area, and the price fluctuates below it.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 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, sellers try to take control of the price and push it lower.
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