BNB has been trading in a wide range from $495 to $635 for several days, indicating buying on dips and selling on rallies.
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The bulls were able to push the price above the 50-day SMA ($586), but are finding it difficult to continue the rise to $635. Sellers will likely try to push the price below the 50-day SMA. If this happens, the BNB/USDT pair may decline to the 20-day SMA.
In the near future, the critical resistance level will be $635: if the bulls manage to overcome it, this will mean a resumption of the upward trend. The pair could then try to reach the $722 level, where the bears are likely to offer strong resistance.
Also, the story of Changpeng Zhao, the founder and CEO of Binance, also affects the price of BNB. Changpeng Zhao has agreed to plead guilty to money laundering offenses and leave the world's largest cryptocurrency exchange as part of a sweeping settlement with US law enforcement and financial regulators.
Changpeng Zhao (CZ) is also paying a fine of $50 million, and Binance is paying $4.3 billion under the terms of the deal. Thanks to this agreement, Binance will be able to continue operating.
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