BNB price analysis for 2 March 2023

BNB price analysis for 2 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 fourth day of this week, it seems that sellers try to control the price 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 2 March 2023

By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($295.9). We observe that the price maintains this support.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50.

In the 5-hour chart, BNB fluctuates below the 50 SMMA ($307.5) and the Volume Profile indicator that determines $304.7 as strong trading area. Additionally, the price is neutral as it fluctuates in this trading range.

The 5-hour MACD is negative. Moreover, the 5-hour RSI fluctuates below 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, the price moves sideways and maintains the support for the moment.

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