BNB price analysis for 9 September 2022

BNB price analysis for 9 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. Additionally, this week it seems that BNB is under sellers’ pressure based on the weekly Heikin Ashi Candlestick. The weekly MACD and the RSI are still in negative areas.

BNB price analysis on the Daily Chart 9 September 2022

By diving into the daily timeframe, we identify the price breaking above the downtrend trendline.

The TFLOW Beta Algo has already generated a Short signal and a TP signal.

The Daily MACD indicator fluctuates in negative numbers, but today is trying to form a crossover, as the histogram turns positive.

The Daily RSI fluctuates over 50 which confirms a bullish momentum.

The 50 Daily SMMA stands above the price at a crucial level which can act as resistance.

In the 4-hour chart BNB broke above the downtrend trendline, the 50 SMMA (282.2$) and the Volume Profile indicator area (279.3$). We identify bullish pressure and a price increase is very likely.

The 4-hour MACD turns positive. The 4-hour RSI fluctuates in positive areas over 50, but is close to the overbought zone.

Conclusion

The price of BNB forms a bearish momentum in medium term scale as the technical analysis and the indicators coincide. In short-term scale, we identify bullish strength as the price surpasses resistance levels.

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