BNB price analysis for 11 April 2023, BNB, the fourth-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 second day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. Also, the weekly MACD is positive and the RSI fluctuates over 50.
BNB price analysis on the Daily Chart 11 April 2023
By diving into the daily timeframe, the price fluctuates over the 50 SMMA line ($305.2). The price returns back to previous resistance areas.
The TFLOW V3 Algo has already generated a Trade Short signal.
The Daily MACD slightly turns positive.
The Daily RSI fluctuates over 50.
In the 5-hour chart, BNB fluctuates over the 50 SMMA ($314.6) and the Volume Profile indicator that determines $310.7 as a strong trading area.
The 5-hour MACD is positive. Moreover, the 5-hour RSI fluctuates over 50 and close to the overbought zone.
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, buyers push the price close to previous resistance areas. We observe the current area as a corrective movement is very likely to appear.
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