BNB has dipped below the 20-day EMA ($585), which is a support level to watch in the short term.
BNB/USDT Daily Chart | Source: TradingView
If the price closes above the 20-day EMA, it will indicate that the bulls are defending this level. This will increase the possibility of a move to the $635 resistance zone, but this will also act as a strong barrier.
If the price closes below the 20-day EMA, it will indicate that the bulls have booked profits. The BNB/USDT pair could then drop to the 50-day SMA ($565) and then the strong support at $527, suggesting that BNB will remain range bound between $460 and $635.
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