This is how Binance Coin begins this 2022, and this is what we can expect from it in the short term

After being one of the currencies that rose the most last year, Binance Coin started a big pullback that still this 2022 has not managed to leave behind. Now, with the general market downturn, the corrective process for BNB continues to spread. Will he get out of this situation soon? Find out here.

At the time of this writing, BNB is trading at $ 446.20, accumulating a loss of 4.48% in the last 24 hours and 14.36% in the last 7 days. Due to its market capitalization of $ 74.45 billion, it continues to occupy position 3 in the Crypto Online ranking.

The beginning of this year is not being at all positive for the crypto market. With Bitcoin testing support at $ 40,000, all other cryptocurrencies are taking a hit.

Binance Coin does not escape this bearish tide in the beginning of this 2022, it is even being affected more than currencies like BTC or ETH.

It is clear that after rising so much, investors begin to consider a very risky situation to continue inside, so they take some distance and cause the large cushion of holders that kept the price afloat to be lost.

Now that the sentiment is one of extreme fear and uncertainty, the cryptos that rose the most in 2021 are taking advantage to correct strongly.

But is this really worrisome?

Binance Coin Analysis and Forecast for 2022

The truth is that the current scenario is not so worrying yet, but of course, we must have a certain respect for it.

When we look at the weekly BNB chart we notice that the bearish force is still much less than the bullish one.

If we look at the big picture, we see that Binance Coin It recently escaped from a large symmetrical triangle, intending to resume its long-term bullish megatrend.

For now, that bullish resumption scenario is still in place, which is why we could see the bulls reappearing strongly very soon.

Furthermore, the drop that started in mid-November appears to be a healthy and necessary pullback, following a strong price rally that was hampered by resistance left by the all-time high.

Now with the general decline, the correction is spreading, and it has just hit the 61.8% Fibonacci level, which is often the bottom of retracements.

However, there is no confirmation that the bulls are making a comeback, so we should expect some signals as we will see in the next few paragraphs.

Analysis and forecast of the cryptocurrency Binance Coin in 2022. Source: TradingView.

Short term analysis

On the daily chart we see the recent tragic behavior, as a result of the loss of support at $ 510 and the rapid increase in selling pressure.

It is clear that sellers are in control in the short term. However, today the price of Binance Coin found a relevant support zone, close to $ 450. From this point, at the very least, a break to the upside could begin.

Even with the probability that the price will rise in the next hours / days, this process will be nothing more than a correction to continue falling, if the bulls fail to start manufacturing higher and higher minimums and maximums.

If the support at $ 450 holds after another drop, then it will be a good sign of a possible reversal. If not, the price could go towards $ 400 below.

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This is how Binance Coin begins this 2022, and this is what we can expect from it in the short term

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