BNB Price Prediction: Room for Additional Correction If $511 Support Breaks Down

Following the continued crypto market correction, there could be room for additional downside moves on the BNB/USDT pair. Binance Coin is down 1.63% as of writing, which continues the decline after yesterday’s muted recovery attempt. This move ramps up bearish BNB price predictions, coming after the decision of the exchange to halt its application for a crypto exchange license in Singapore. 

Consequently, Binance has decided to shut down all its operations in Singapore in 2022 and has given Singaporean traders until February 22 to close their accounts. 

The story of Binance in 2021 has been that of its well-reported issues with regulators in nearly 20 countries. The only silver lining the BNB token has achieved in the last six months has been the token sales of the soccer clubs such as Lazio and Porto, which created some demand on the asset. However, the December market correction has hit the price hard, and the charts seem to suggest that the correction may not be over yet.

BNB Price Prediction

The BNB/USDT pair has seen a series of lower highs on the daily chart, indicating that upward progress on the asset appears to have stalled.

The pair is now testing support at 511.3. A breakdown of this level opens the door towards the 481.2 support target. 450.9 and 427.6 are additional downside targets that become viable if further price deterioration occurs.

On the other hand, a bounce from the present support level (made up of the 511.3 horizontal support and the ascending trendline) allows the bulls to seek price discovery at 558.1. If this level is taken out, then 605.0 becomes visible, along with 634.3 and 669.6.

BNB Price Prediction: Daily Chart

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