BNB price analysis for 4 January 2023

BNB price analysis for 4 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 third day of this week, it seems that pressure tries to balance between buyers and sellers 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 4 January 2023

By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($273.9). It seems that the price forms a downtrend as it surpassed the previous support zone. The price higher today and tries to reach the 50 SMMA.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative with a positive histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, BNB seems that surpasses the 50 SMMA ($251.0) and a retest back to it is very likely to happen. The Volume Profile indicator determines $245.7 as a strong trading area that has been surpassed.

The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 and close to the overbought zone.

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 higher over the previous sideways movement. A correction could be formed after the breakout.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal