BNB price analysis for 16 January 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. 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. The weekly MACD is negative with a positive histogram and the RSI fluctuates over 50.
BNB price analysis on the Daily Chart 16 January 2023
By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($275.7). The price moves higher and tries to reach previous resistance areas.
The TFLOW V3 Algo has already generated a Long signal.
The Daily MACD indicator is positive.
The Daily RSI fluctuates over 50 and close to the overbought zone.
In the 5-hour chart, BNB creates an uptrend movement that surpassed the 50 SMMA ($273.4). The Volume Profile indicator determines $244.7 as a strong trading area that has been surpassed. A correction or a price decrease is very likely to appear.
The 5-hour MACD is positive with a negative histogram. The 5-hour RSI fluctuates over 50 and seems that returns from the overbought 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, the price fluctuates in an uptrend movement close to previous highs. A correction could be formed close to the current areas.
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