BNB price analysis for 29 September 2022

BNB price analysis for 29 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 fourth day of this week, it seems that the pressure tries to balance between buyers and sellers 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 29 September 2022

By diving into the daily timeframe, the price fluctuates in a downtrend below the 50 SMMA line ($285.8). Actually, the price retests it once again.

The TFLOW Beta Algo has already generated a Short signal and two TP signals as the buyers keep the price above $260.

The Daily MACD indicator is negative with a positive histogram.

The Daily RSI fluctuates over 50.

In the 4-hour chart, BNB crosses over the 50 SMMA ($276.7) and encounters the downtrend trendline once again. The Volume Profile indicator determines $275.6 as a strong trading area which surpassed.
The 4-hour MACD is positive. The 4-hour RSI fluctuates over 50.

Conclusion

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, buyers push the price back to resistance levels once again making the overall movement more neutral.

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