The cryptocurrency market plummeted after US President Donald Trump threatened to raise tariffs on China to 100% on Friday.
While Bitcoin and the majority of altcoins are turning red, many altcoins, particularly among the top 100, have lost more than 40% of their value in the last hour. However, Binance Coin (BNB) has once again made a name for itself with its strong showing amid this decline.
At this point, BNB hit a new ATH on Monday, falling to $1,150 within two days.
While BNB has been falling since its new record high, experts said it has failed to sustain its record rally and has been rejected twice near the $1,350 level in the past week. This raises the possibility of a pullback in October.
Accordingly, experts stated that a double top formation has begun to form on BNB’s daily chart and if it is completed, the price may drop by 30%.
According to experts, the neckline of the double top formation is formed around $1,100, and a daily closing candle below this neckline will signal the completion of the formation.
It was also stated that the various negative rumors surrounding Binance and the net outflow of $21.75 billion in the last seven days could weaken BNB’s upward momentum.
*This is not investment advice.