BNB (BNB) plunged below the breakout level of $722 and the 20-day EMA ($682) on December 9, indicating strong profit-taking from the bulls.
Daily BNB/USDT chart | Source: TradingView
A small consolation for buyers is that the BNB/USDT pair has bounced back from the 50-day simple moving average ($631) and risen back above the 20-day EMA. The bulls will try to push the price up to $722, where the bears are expected to defend strongly.
The 20-day EMA is flat and the relative strength index (RSI) is just above the midpoint, indicating a limited range action in the near future. This currency pair could oscillate between $722 and $635 for a few days before starting the next trending move.