BNB Analysis: ‘Double Top’ Setup Warns of 30% Price Drop in October
BNB has encountered resistance near $1,350 twice recently, forming a double top pattern that signals potential trend exhaustion after a strong year-to-date rally. If BNB closes below the $1,100 neckline, the pattern suggests a possible 30% correction to around $835 by late October or early November. Technical signals, such as a declining RSI and a bearish MACD crossover, indicate waning buying momentum and increased bearish risk if support fails. Binance has also experienced significant user withdrawals totaling $21.75 billion—prompted by a recent liquidation crisis and suspected exploit—adding to negative sentiment. However, BNB remains above key exponential moving average supports. A rebound from these levels could negate the bearish pattern and allow for renewed upside if the $1,350 resistance is overcome.
