BNB price analysis for 31 March 2023

BNB price analysis for 31 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 fifth 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 is positive and the RSI fluctuates over 50.

BNB price analysis on the Daily Chart 31 March 2023

By diving into the daily timeframe, the price tries to encounter the 50 SMMA line ($302.8). The price rejects previous resistance areas and forms a corrective movement.

The TFLOW V3 Algo has already generated a Take Profit signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, BNB fluctuates below the 50 SMMA ($316.9) and the Volume Profile indicator that determines $327.7 as a strong trading area.

The 5-hour MACD is negative with a positive histogram. 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, sellers push the price close to previous support areas. We observe the current area for a possible continuation of the downside.

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