BNB price remains at risk of further losses in the short term after confirming a bearish double top pattern just days after hitting a new all-time high.

According to data from crypto.news, BNB (BNB) price fell 22% to an intraday low of $1,069 on Oct. 17 during Asian trading hours, after reaching a new all-time high of around $1,370 earlier on Monday.

In the past 24 hours, the token’s trading volume has slipped by 13% to $3.7 billion, while its market cap dropped from roughly $166 billion to about $149.5 billion at the time of writing.

Amid this decline from its new all-time high, BNB has confirmed a double top pattern that had been forming since early October.

When this pattern is confirmed, it’s typically a sign of a bearish reversal, especially when other indicators also support the view.

BNB’s all-time high of around $1,370 serves as the upper boundary of the pattern, while the neckline is positioned near $1,103, a level the token slipped below earlier today as it fell.

BNB price has also dropped below the 20-day simple moving average and is now testing the 50-day simple moving average around $1,017, further adding weight to the bearish narrative.

Momentum indicators are showing similar weakness. Both the MACD and the RSI have turned downward, indicating that bearish pressure remains firmly in control of the market.

For now, the key support level rests at $1,017. A clear break below this could accelerate losses toward $904, which coincides with the 100-day simple moving average, and potentially further down to $829. The latter target is derived by subtracting the height of the double top formation from the neckline breach point. This bearish objective sits rou

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Author: Rony Roy