BNB price has gained by more than 5%, but a double-top pattern formation hints at a possible reversal. BNB Chain volumes are also down 33%.
Transaction volumes on the BNB Chain have plunged by more than 33% in the last week, showing declining network activity.was the top gainer among the ten largest cryptos by market cap, after surging by more than 5% in the last 24 hours.Despite these gains, BNB risked a bearish reversal if the bullish trend across the broader market failed to hold.. Therefore, the likelihood of this token sustaining gains depends on whether the broader market maintains the positive sentiment.
BNB’s daily chart showed a possible bearish divergence. While the price was gaining, technical indicators hinted that the uptrend remained weak after BNB formed a double-top pattern on the daily chart. BNB formed the first peak in late July after the price jumped from below $500 to test a key resistance at $600. A downtrend later followed to form a neckline at $464.BNB will confirm a bearish breakout if it falls below $464. However, this bearish thesis will be invalidated if the current uptrend is sustained and BNB breaks resistance above the second peak.The Relative Strength Index at 47 showed that despite the gains, sellers remained in control.
Another key indicator that showed a weakening uptrend was the Directional Movement Index . The positive DI remained below the negative DI , which showed a potential bearish reversal. Data from Hyblock Capital showed a high concentration of liquidations at $548. Therefore, this level could be a strong resistance point if traders buying into the rally take profits once BNB approaches $548 to manage losses.The BNB Chain has also seen reduced usage, which could further hamper BNB’s ability to rally.showed that in the last seven days, the number of unique active wallets on the network has dropped by 25%. Volumes have also fallen by more than 30% from around $850M to $350M.
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