BNB price analysis for 20 March 2023

BNB price analysis for 20 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 buyers try to dominate the price based on the weekly Heikin Ashi Candlestick. Also, the weekly MACD is positive and the RSI fluctuates over 50.

BNB price analysis on the Daily Chart 20 March 2023

By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($298.5). The price encounters previous resistance areas.

The TFLOW V3 Algo has already generated a Long signal.

The Daily MACD is positive.

The Daily RSI fluctuates over 50 and close to previous resistance zone.

In the 5-hour chart, BNB fluctuates above the 50 SMMA ($309.3) and the Volume Profile indicator that determines $307.3 as a strong trading area.

The 5-hour MACD is positive with a negative histogram. 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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