Binance coin (BNB) is down 12% in a month – should you buy that drop? – The Bharat Express

Overall sentiment for crypto, for the most part, this month has been negative. We have seen massive sell-off after sell-off, investors weighing in on a hawkish Fed and fears of a global economic slowdown due to Omicron. As a result, most of the coins have shrunk and Binance Coin (BNB) supported the broader market trend. The coin has fallen 12% this month alone. So, is it time to buy this dip? However, here are some important indications:

• Bearish sentiment in crypto will continue until 2022 unless something drastic happens.

• Sense of risk aversion and reduced cash flow over the holidays could make any Santa gathering unachievable

• BNB needs to test resistance to the upside to around $ 532 if indeed a busted rally will occur this year

Data source: Tradingview.com

BNB – price action and analysis

It has been a very hot time in crypto in December. So it’s no surprise that BNB is down for the month. At the time of writing, the coin was already 12% lower in December. A massive early morning sell-off at the start of Monday’s session also caused intraday losses to jump nearly 4%, continuing a downtrend that started with stocks.

But unlike most small and mid cap coins, BNB isn’t that far away from this year’s all-time highs of around $ 686. While some coins are down nearly 70% from 2021 highs, BNB is still in the 25% mark.

Should you buy this dip?

A 12% drop in any asset over a month is always worth watching. But the downward pressure on the BNB has still not abated. 2021 is about to end on a tough tone for crypto bulls and as such BNB may slip further. The best time to assess the decline would be after Christmas or at the start of the year.