BNB price analysis for 23 September 2022, BNB, the third 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. On the fifth day of this week, it seems that sellers take control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative with a positive histogram and the RSI is still under 50.
BNB price analysis on the Daily Chart 23 September 2022
By diving into the daily timeframe, the price fluctuates in a downtrend below the 50 SMMA line ($287.1). The price remains significantly stable but be aware of today’s Jerome Powell speech.
The TFLOW Beta Algo has already generated a Short signal and a TP signal as the buyers pushed the price higher.
The Daily MACD indicator is negative.
The Daily RSI tries to stay on 50 even though it fluctuates below.
In the 4-hour chart, BNB tries to crossover the 50 SMMA ($276.4). The Volume Profile indicator determines $278.9 as a strong trading area.
The 4-hour MACD is negative with a positive histogram. The 4-hour RSI fluctuates in positive areas over 50.
The price of BNB forms a bearish momentum in a medium-term scale as the technical analysis and the indicators coincide. In the short-term scale, we observe that the momentum balances between buyers and sellers as technically the price fluctuates in a specific range with the bulls guiding the price to previous resistance areas.
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