Will BNB price crash as it confirms a double top pattern?

BNB price confirmed a bearish double top pattern, right before it grabbed headlines with major exchange listings. Will the token continue its ongoing losses, or could the renewed investor buzz from these listings spark a trend reversal?

According to data from crypto.news, BNB (BNB) has dropped 8% over the past 7 days and 20.7% from its all-time high of $1369.99 reached on Oct. 13. Trading at $1,087 at the time of writing, the token has gained nearly 2% after it secured a listing on multiple high-profile exchanges.

Notably, the U.S.-based popular trading platform Robinhood listed BNB on Wednesday, Oct. 22, giving the token broader exposure to retail investors across the U.S. Just a day later, Coinbase, the largest crypto exchange in the U.S., also added support for BNB.

Listings on top-tier platforms like Robinhood and Coinbase typically tend to spark renewed community interest, elevate a token’s visibility, and boost its perceived credibility. 

At the same time, leading decentralized predictions market Polymarket has expanded to the BNB Chain, and the integration is expected to offer a more cost-effective and efficient experience for users, which can drive increased liquidity for BNB and strengthen BNB Chain’s decentralized finance ecosystem.

Although BNB price may continue to experience price swings in the short term, especially given the broader market’s bearish tone amid ongoing macroeconomic uncertainty, these recent developments have helped create a strong bullish narrative underneath, which could gradually unfold into a sustained recovery once market sentiment improves.

For now, the short-term outlook remains tilted towards the bearish side, especially as BNB has confirmed a textbook double top pattern on the 4-hour chart. Traders view this as a bearish reversal pattern, which typically precedes a deeper correction.

The two peaks formed near the $1,351 mark, each showing strong rejection wicks at the highs that point to buyer exhaustion. The neckline of the pattern sits at $1,087, and as of press time, BNB was trading right at that level, leaving it highly prone to volatility.

As of press time, BNB price was trading at he neckline level, making it highly prone to volatility. 

BNB’s moving averages also add to the bearish bias. The 50-day moving average is closing in on the 200-day, setting up a possible death cross, a signal that in past cycles has marked prolonged declines

However, momentum indicators paint a slightly different picture. The MACD line has crossed above the signal line, hinting at a subtle shift in momentum toward buyers, even though it doesn’t confirm a full reversal. The RSI has also climbed above the neutral 50 threshold, lending some support to the short-term recovery view.

For now, $1,037, which aligns with the 23.6% Fibonacci retracement level, acts as the immediate support level for BNB. A drop below it could lead to a free fall to $824, a target measured by subtracting the height of the double-top formed from the levels at which it confirmed the pattern. As such, the target lies 24% below the current price when writing.

However, if BNB bulls can push the price above $1,111, the 50-day SMA with strong volume, it could invalidate the bearish setup and open the door for a potential move toward $1,150, the next key psychological resistance level on the chart.