BNB recently turned down from the $600 level on August 23, indicating that bears are trying to maintain the price within the $460 to $635 range.
The BNB/USDT daily chart shows that the moving averages are likely to provide strong support. If the price rebounds sharply from the moving averages, it would suggest positive sentiment, with buyers stepping in during dips. In this scenario, the BNB/USDT pair could attempt to rally towards the key resistance at $635.
Conversely, if the price continues to decline and breaks below the moving averages, it would indicate that bulls have surrendered their position. This could lead the pair to drop towards the strong support zone between $495 and $460.
