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<p>Following an impressive price surge of over 25%, Binance Coin (BNB) now appears bearish and a price decline may be seen in the coming days. The negative outlook for BNB is likely due to the formation of a bearish price action pattern on the daily chart and concerning on-chain metrics.</p>  
<h2 class="wp-block-heading" id="h-bnb-technical-analysis-and-upcoming-levels"><strong>BNB Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to CoinPedia’s technical analysis, BNB has formed a bearish triple-top price action pattern on its daily chart, which investors and traders consider a negative sign. Based on the data, when an asset forms a triple-top pattern over a longer period, a significant price decline typically follows.&nbsp;</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25231744/BNBUSDT_2024-09-25_23-17-24.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25231744/BNBUSDT_2024-09-25_23-17-24-1024x448.png" alt="" class="wp-image-355552"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>In addition to this pattern, BNB has been forming a bearish evening star candlestick pattern near the resistance level of $605. The evening star is a bearish reversal pattern that suggests a potential shift from an uptrend to a downtrend. This combination of a bearish pattern and the evening star on the asset has begun to shift market sentiment among traders.&nbsp;&nbsp;</p>  
<p>Based on historical price momentum, there is a strong possibility that the<a href="https://coinpedia.org/price-prediction/bnb-binance-coin-price-prediction/" rel="noopener noreferrer nofollow"> BNB price</a> could decline by 18% to reach the $480 level in the coming days. However, this bearish thesis will only hold if BNB remains below the $620 level, otherwise, it may fail.</p>  
<h2 class="wp-block-heading" id="h-bnb-s-bearish-on-chain-metrics-nbsp"><strong>BNB’s Bearish On-chain Metrics&nbsp;</strong></h2>  
<p>Besides this technical analysis, the current negative outlook is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/BNB" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, BNB’s Long/Short ratio currently stands at 0.869, the lowest since August 27, 2024. This indicates a strong bearish sentiment among traders.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/25231303/jdnjdndd-1024x268.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/09/25231303/jdnjdndd-1024x268.png" alt="" class="wp-image-355542"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>Additionally, its open interest declined by 7% in the last 24 hours, indicating growing fear among traders, likely due to the bearish price action pattern. Currently, 53.71% of top traders hold short positions, while 46.29% hold long positions.</p>  
<p>While combining all of BNB’s on-chain metrics with its price action, it appears that bears are dominating the assets and may cause a significant price decline in the coming days.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>At press time, BNB is trading near $590 and has experienced a price decline of over 2.75% in the last 24 hours. Meanwhile, its trading volume has declined by 12% during the same period, indicating lower participation from traders and investors.</p>

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