BNB price analysis for 8 November 2022

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BNB price analysis for 8 November 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 second day of this week, it seems that buyers 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 8 November 2022

By diving into the daily timeframe, the price seems that fails to surpass the previous resistance area. The price surpassed the 50 SMMA line ($292.2).

The TFLOW V2 Algo has already generated a Buy signal.

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The Daily MACD indicator is still positive.

The Daily RSI fluctuates over 50 but seems that returns from the overbought zone.

In the 5-hour chart, BNB rejects previous resistance areas. The price fluctuates over the 50 SMMA ($314.2). The Volume Profile indicator determines $326.6 as a strong trading area. The price fluctuates on these areas.
The 5-hour MACD slightly turns negative. The 5-hour RSI fluctuates below 50.

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Conclusion

The price of BNB forms a bearish momentum in the weekly chart as the technical analysis and the indicators coincide. In the short-term scale, it seems that sellers push the price lower after reaching previous highs but seems neutral at the same time.

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