BNB price analysis for 7 October 2022

BNB price analysis for 7 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 fifth 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 7 October 2022

By diving into the daily timeframe, the price fluctuates above the downtrend trendline. The price tries to drop under the 50 SMMA line ($286.2).

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

The Daily MACD indicator is still positive.

The Daily RSI fluctuates over 50.

In the 4-hour chart, BNB dropped after reaching previous resistance levels. It fluctuates on the 50 SMMA ($284.0). The Volume Profile indicator determines $279.3 as a strong trading area, which has been retested.
The 4-hour MACD is positive with a negative histogram. The 4-hour RSI fluctuates below 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, it seems that sellers try to take control of the price and lead it back to previous lows. The price now is under pressure because of the trading area which fluctuates.

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