BNB price analysis for 23 February 2023

BNB price analysis for 23 February 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 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 23 February 2023

By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($294.9). We observe that the price rebounds from this area and maintains the uptrend.

The TFLOW V3 Algo has already generated a Re-Entry Long signal.

The Daily MACD indicator is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, BNB fluctuates on the 50 SMMA ($311.7). The Volume Profile indicator determines $304.4 as strong trading area that has been encountered. Additionally, the price is neutral as it fluctuates in this trading range.

The 5-hour MACD is negative. Moreover, the 5-hour RSI fluctuates over 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 but maintains the uptrend at the same time.

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