BNB (BNB) closed below the 50-day SMA at $579 on October 31, but the bears could not take advantage of this on November 1.
Daily BNB/USDT chart | Source: TradingView
The bulls have pushed the price back above the 50-day SMA and are attempting to surpass the 20-day EMA at $587. If successful, the BNB/USDT pair could rise to $612 and then to the important resistance at $635. A breakout and close above $635 will signal the beginning of a new rally to $722.
This optimistic view will be invalidated if the price drops significantly from the 20-day EMA, which would increase the likelihood of breaking the $566 level. The pair could drop to $550 and then to the strong support at $527.
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BNB
654.28
+11.19%