BNB price analysis for 13 March 2023

BNB price analysis for 13 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 first 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 slightly turns positive and the RSI fluctuates over 50.

BNB price analysis on the Daily Chart 13 March 2023

By diving into the daily timeframe, the price encounters the 50 SMMA line ($294.0). The price tries to reach previous trading zones.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates over 50.

In the 5-hour chart, BNB fluctuates between the 50 SMMA ($292.0) and the Volume Profile indicator determines $304.4 as a strong trading area.

The 5-hour MACD slightly turns positive. Moreover, the 5-hour RSI fluctuates over 50.

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, buyers push the price close to previous trading range. We observe the current area for price reaction.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal