BNB price analysis for 12 September 2022

BNB price analysis for 12 September 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. Additionally, this week it seems that BNB is under buyers’ pressure based on the weekly Heikin Ashi Candlestick. The weekly MACD and the RSI are still in negative areas.

BNB price analysis on the Daily Chart 12 September 2022

By diving into the daily timeframe, we identify the price breaking above the downtrend trendline.

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

The Daily MACD indicator fluctuates in negative numbers but slightly tries to turn positive.

The Daily RSI fluctuates over 50 which confirms a bullish momentum.

The 50 Daily SMMA stands below the price and tries to become a support.
In the 4-hour chart BNB broke above the downtrend trendline and the 50 SMMA ($285.8). The Volume Profile indicator determines the $278 as a strong trading area.

The 4-hour MACD turns positive but forms a negative histogram. The 4-hour RSI fluctuates in positive areas over 50 but seems that returns from the overbought zone.

Conclusion

The BNB forms a bearish momentum in medium term scale as the technical analysis and the indicators coincide, but a bullish reverse is very likely. In short-term scale, we identify bullish strength as the price surpasses resistance levels, but the price seems to be a little bit exhausted, and a price decrease is possible.

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