BNB bounced off the strong support at $350 on Feb. 22 indicating that bulls have not given up and they continue to buy at lower levels. The bulls will now attempt to drive the price above the downtrend line of the descending channel .

If they manage to do that, the BNB/USDT pair could rise to the 50-day SMA ($416). This is an important level for the bears to defend because a break above it could signal a possible change in trend. The pair could thereafter rise to $445.

Conversely, if the price turns down from the downtrend line, the bears will fancy their chances and make one more attempt to pull the pair below $350. If that happens, the pair could drop to the strong support zone at $330 to $320.