BNB price analysis for 14 September 2022

BNB price analysis for 14 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. On the third day of this week, it seems the pressure between sellers and buyers is trying to balance, 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 14 September 2022

By diving into the daily timeframe, the price broke above the downtrend trendline but quickly rejected the 50 SMMA line. Yesterday’s CPI news had a negative impact on BNB and caused a price drop.

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

The Daily MACD indicator slightly tries to turn negative.

The Daily RSI fluctuates below 50 which confirms a bearish momentum.

The 50 Daily SMMA stands above the price and tries to become a resistance.

In the 4-hour chart BNB broke under the 50 SMMA ($286.3) but still fluctuates above the downtrend. The Volume Profile indicator determines $278 as a strong trading area. A retest back to the 50 SMMA is possible.

The 4-hour MACD slightly turns negative. The 4-hour RSI fluctuates in positive areas below 50, but it seems that is returning back from the oversold zone.

Conclusion

The price of BNB forms a bearish momentum in medium-term scale as the technical analysis and the indicators coincide. In the short-term scale, we identify bearish strength, but the range of price fluctuation requires monitoring, as the bearish and the bullish scenario are just likely.

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