BNB is at risk of a 30% price correction as a double top pattern emerges on its daily chart, signaling potential trend exhaustion. The cryptocurrency has faced rejection near the $1,350 level twice, with the neckline support around $1,100. A decisive close below this level could validate the pattern, potentially driving BNB's price down to $835 by early November.
Compounding the bearish outlook, Binance has experienced significant outflows, totaling $21.75 billion, following a liquidation crisis on October 10. This event, which some analysts suspect was a targeted exploit, has shaken investor confidence despite Binance's $400 million relief pledge. However, BNB remains above key exponential moving averages, suggesting a possible rebound if these levels hold as support.
BNB Faces Potential 30% Drop Amid Double Top Pattern and Binance Outflows
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