BNB Down 60% From ATH with Bearish Flag Forming as Price Targets $450 Support

Key insights:

• BNB has fallen 60% from its ATH, signaling continued downside risk.
• The bearish flag pattern suggests a potential drop to $450 if the $570 support fails.
• Market sentiment remains bearish as analysts watch for a breakdown below $570.

Binance (BNB), the native cryptocurrency, has dropped by 60% from its all-time high (ATH). Experts are warning that a bearish flag pattern is forming, which could push the price down. If BNB loses key support at $570, analysts expect it to move toward downwards level. The cryptocurrency has already been in a downtrend for months, with no signs of a reversal so far.

Bearish Flag Pattern Signals Possible Drop to $450

BNB is currently trading at $603.18 with a market cap of $82.24 billion. The token has seen a 1.80% decline in the last 24 hours. The ongoing bearish flag formation indicates that the cryptocurrency may continue its downward trajectory. 

According to Crypto Patel, the $570 support is crucial, and if the price breaks down the $570 support, expect another leg down reaching the $445 to $450 range. This bearish pattern suggests that the price could fall further. 

The drop of almost 60% from the ATH is concerning, as it indicates a consistent downward trend. Without signs of bullish divergence, many traders are cautious about the token’s future performance.

Market Sentiment and Key Support Levels

However, the market sentiment around BNB remains bearish until the structure changes. Analysts are closely monitoring the $570 support level, and if this level is lost, further downside may be expected. 

Crypto Patel also mentions, “BNB below $500 will be generational wealth entries for the long run,” suggesting that investors may look for long-term opportunities if the price reaches lower levels.

As of today, BNB continues to hold the fourth spot in the market ranking. Despite its strong market position, its recent decline raises concerns about its short-term performance. As BNB remains vulnerable to further losses, traders and investors are closely watching key support levels to determine if a reversal or deeper decline is in store.