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BNB price was bound for a decline as part of an adjustment with the crypto market. Not only did the crypto market fall, but BNB reached a strong resistance. Reaching a resistance often leads to falling prices. However, this descent only went to the next minor support. This movement formed an interesting double top formation. Now, based on the technical formation, the price of BNB could decide today in which direction it will go in the near future. Let’s tackle this and see what might happen to BNB prices.
BNB Price Broken Support – Will BNB crash now?
The BNB price has risen to a similar point twice in the past few weeks, which is why a double top formation has formed. In most cases, this formation leads to falling prices, which is why we expect falling prices in the future. The Bulls still have a chance to save themselves at the moment. They would need to hold or recapture the +/- $390 support. BNB price broke the support on a Sunday, so the break should not be considered confirmed just yet. At the weekend, the entire crypto market has a little less volume than usual, which is why breaks in resistance/support are usually not sustainable. Due to this, we should wait a few days until we can clearly see whether the BNB price has lost support or not.
Is BNB up Soon?
If BNB price regains support, we would be bullish again and expect prices around $500. This is where the next major resistance is after the price breaks the $420 resistance. However, this development depends largely on the Bitcoin price. If the BNB price respects the double top formation, the price could fall further in the near future. The first target is around $340. If the $340 support breaks, we will expect the price to drop to $260.