$BNB closed below the 50-day SMA ($579) on October 31, but the bears couldn’t hold their advantage on November 1.

Buyers have repositioned the price above the 50-day SMA and are attempting to break through the 20-day EMA ($587). If successful, the BNB/USDT pair could move up to $612 and then reach the key resistance at $635. A break and close above $635 would signal the start of a new uptrend toward $722.

This optimistic outlook would be invalidated if the price is sharply rejected from the 20-day EMA, increasing the likelihood of a break below $566. In that case, the pair could drop to $550 and then find solid support at $527.

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