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Binance Coin (BNB) has seen some steep losses over the previous couple of days. However, though the coin is following the development in the broader market, these losses have exposed BNB to important draw back threat that might lead to further critical declines. Here are some details:

• For most of 2022, BNB has discovered huge demand between $253 and $308

• A 20% crash in the final 24 hours implies that bulls have now misplaced that demand zone

• If restoration doesn’t come quickly, BNB will fall sharply once more in the coming days

Data Source: Tradingview 

Where will BNB go subsequent?

It was solely lately that BNB was hovering effectively above $300. For most bulls, it was a time of consolidation, and there have been hopes that the coin may stroll in direction of $400 in no time. But the crypto crash over the previous couple of days has put a lot strain on BNB. The coin has misplaced 20% over the final 24 hours alone. 

But extra importantly, BNB has additionally misplaced an important demand zone. You see, even with excessive volatility in the market, the coin was getting important consumers between $308 and $253. The latest crash has pushed the value motion exterior this purchase zone. 

Unless there’s a restoration in the subsequent 24 hours, BNB will come beneath promoting strain as bears take full management. The coin will probably backside at $222 or thereabout earlier than another bull run.

Are we seeing a critical BNB correction?

Losing almost 40% in lower than three days could be seen as a critical correction for any coin. But for BNB, the sharp fall has merely exposed it to further draw back threat. For this cause, we don’t assume the steep decline is over. 

In truth, primarily based on sentiment in the market, it will be believable to count on further BNB losses earlier than the finish of the week. We are subsequently seeing a really critical correction with the coin.