en.bitcoinsistemi.com
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.