BNB price analysis for 17 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 fifth 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 17 March 2023
By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($296.2). The price encounters previous resistance areas.
The TFLOW V3 Algo has already generated a Take Profit signal.
The Daily MACD slightly turns positive.
The Daily RSI fluctuates over 50.
In the 5-hour chart, BNB fluctuates above the 50 SMMA ($300.3) and the Volume Profile indicator that determines $306.0 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.
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 highs. We observe the current area for price reaction.
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