BNB price reclaims $600 level amid technical recovery

BNB has reclaimed the $600 psychological level, trading near $605 as it attempts to establish a higher-high structure following a recovery from a late-June low of approximately $540. Technical indicators show improving momentum, with the Daily Relative Strength Index (RSI) rising to 65, suggesting increased demand without yet reaching overbought territory.

On the technical front, BNB has reclaimed its 20-day and 50-day moving averages. A sustained daily close above the 100-day moving average near $604 could strengthen the recovery case toward the 200-day moving average at $628. Short-term support is identified via the 4-hour Supertrend at $593.86.

Despite price volatility, the BNB Chain is experiencing technical expansion. An upcoming Pasteur hard fork is scheduled for August 25, with a roadmap aimed at doubling mainnet throughput. On-chain activity remains high, with weekly DEX volumes reaching approximately $19 billion. However, Binance faces regulatory challenges in the European Union due to MiCA regulations, which led to the suspension of several services for EU residents starting July 1.