BNB price analysis for 23 March 2023

BNB price analysis for 23 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 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 23 March 2023

By diving into the daily timeframe, the price fluctuates above the 50 SMMA line ($300.1). The price encounters previous resistance areas.

The TFLOW V3 Algo has already generated a Trade Long signal.

The Daily MACD is positive.

The Daily RSI fluctuates over 50 and close to overbought zone.

In the 5-hour chart, BNB rejects the 50 SMMA ($314.8). Moreover, it fluctuates below the Volume Profile indicator that determines $334.4 as a strong trading area.

The 5-hour MACD slightly turns 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, buyers push the price close to previous highs. We observe the current area for price reaction as a short-term price increase is very likely to happen.

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