BNB price analysis for 3 January 2023

BNB price analysis for 3 January 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. You can read more about BNB price from CoinCodex. On the second day of this week, it seems that sellers try to control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is negative and the RSI fluctuates below 50.

BNB price analysis on the Daily Chart 3 January 2023

By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($274.2). It seems that the price forms a downtrend as it surpassed the previous support zone. The price move sideways.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative with a positive histogram.

The Daily RSI fluctuates below 50.
In the 5-hour chart, BNB seems that surpasses previous support zones and form a corrective movement. The price fluctuates below the 50 SMMA ($251.2) and a retest back to it is very likely to happen. The Volume Profile indicator determines $246.7 as a strong trading area, and the price fluctuates on it.

The 5-hour MACD is positive. 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 below previous support zones. A price increase with a retest back to the 50 SMMA line is very likely to happen.

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