BNB price analysis for 10 March 2023

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BNB price analysis for 10 March 2023, 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 that has been surpassed. You can read more about BNB price from CoinCodex. On the fifth day of this week, it seems that sellers try to control the price based on the weekly Heikin Ashi Candlestick. Also, the weekly MACD slightly turns positive and the RSI fluctuates over 50.

BNB price analysis on the Daily Chart 10 March 2023

By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($294.2). The price tries to reach previous support zones. Be aware of NFP news today.

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The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50 and close to the oversold zone.

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In the 5-hour chart, BNB fluctuates below the 50 SMMA ($295.7) and the Volume Profile indicator determines $306.2 as a strong trading area. Additionally, the price surpasses the previous support zones of the trading range.

The 5-hour MACD is negative. Moreover, the 5-hour RSI fluctuates below 50 and close to the oversold zone.

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, sellers push the price below the previous trading range and a further decrease is very likely to happen.

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