BNB has dropped from $677 on November 30, indicating that bears are actively defending the resistance level at $687.
Daily BNB/USDT chart | Source: TradingView
The 20-day EMA ($635) is the first support level on the downside. If the price bounces off the 20-day EMA, bulls will try to push the BNB/USDT pair above $687. If successful, the pair could rise to $722.
On the contrary, if the 20-day EMA is broken, the pair could drop to the 50-day SMA ($609). This is a crucial level that bulls need to defend, as if broken, the price could decline further down to the uptrend line.