Binance Coin (BNB) Price Prediction: Triple Top Pattern Hints at a 20% Correction to $480

Binance Coin [BNB], the world's fourth-biggest cryptocurrency by market cap, appears bearish as it has formed a bearish price action pattern on a daily time frame.

Binance Coin [BNB], ranked fourth among cryptocurrencies by market capitalization, seems to be experiencing a bearish trend with the formation of a triple top price action pattern on a daily time frame.

This pattern, commonly used in technical analysis, indicates a potential reversal in the asset’s price movement.

BNB has encountered strong selling pressure at the $605 level, where it also formed an evening star candlestick pattern, further bolstering the bearish outlook.

Based on the historical price momentum and the presence of the triple top pattern, BNB could experience a drop of around 20%, possibly reaching the $480 level in the upcoming days.

This bearish outlook remains valid as long as BNB continues to trade below the $625 level, where a failure to breach could invalidate the bearish scenario.

However, it's worth noting that BNB is still trading above the 200 Exponential Moving Average (EMA) on a daily time frame, which indicates an uptrend.

The 200 EMA is closely monitored by traders and investors to determine the asset’s trend, whether up or down.

Major liquidation levels

On-chain data from Coinglass reveals the presence of substantial liquidation levels for BNB at $593 on the lower side and $607.5 on the upper side.

At these levels, a large concentration of traders is over-leveraged, according to the analytics firm.

If the market sentiment turns bearish and BNB falls to the $593 level, nearly $280,000 worth of long positions will be liquidated.

On the other hand, if the sentiment shifts and the price rises to the $607.5 level, approximately $2.30 million worth of short positions will be liquidated.

This data suggests that bulls are currently facing exhaustion, while bears are displaying high activity.

BNB’s bearish on-chain metrics

Further supporting the bearish outlook, Coinglass’s BNB Long/Short Ratio indicates a bearish market sentiment among traders, with a value of 0.871 at press time.

Moreover, the Futures Open Interest has declined by 3.5% over the past 24 hours, indicating that traders were hesitant to open new positions.

Out of the top traders, 53.44% are holding short positions at the time of writing, while 46.56% are holding long positions.

Binance Coin’s [BNB] Price Prediction 2024–2025

Current price momentum

At press time, BNB is trading at around $596, having experienced a price decline of over 1.4% in the past 24 hours.

During the same period, its trading volume also decreased by 13%, indicating lower participation from traders amid the bearish outlook.