BNB price analysis for 8 March 2023

BNB price analysis for 8 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 third day of this week, it seems that sellers try to control the price based on the weekly Heikin Ashi Candlestick. Also, the weekly MACD slightly turns positive and the RSI fluctuates over 50.

BNB price analysis on the Daily Chart 8 March 2023

By diving into the daily timeframe, the price fluctuates below the 50 SMMA line ($295.1). The price tries to reach previous support zones. The price moves in a corrective way.

The TFLOW V3 Algo has already generated a Short signal.

The Daily MACD indicator is negative.

The Daily RSI fluctuates below 50.

In the 5-hour chart, BNB fluctuates below the 50 SMMA ($299.4) and the Volume Profile indicator determines $304.7 as a strong trading area. Additionally, the price tries to surpass the previous support zones of the trading range.

The 5-hour MACD is negative with a positive histogram. Moreover, the 5-hour RSI fluctuates below 50 and close to the oversold 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, sellers push the price close to previous support areas and a further decrease is very likely to happen.

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