BNB’s price is currently attempting to recover after dipping below the $600 support zone. While technical indicators hint at a possible short-term decline, recent developments suggest a potential upswing in the near future. Let’s break down these opposing forces.

BNB/USD Technical Analysis

BNB price recently found support at $585, bouncing back from a decline. However, indicators like the RSI and MFI suggest weakening buying pressure despite the price rise. A break above $600 resistance is crucial to push the price into positive territory.

French Regulatory Changes Affect Binance

Binance France restructured its ownership to comply with French regulations. This move ensures Binance France’s right to operate and doesn’t affect global operations. Founder Changpeng Zhao (CZ) relinquished ownership due to legal issues in the US.

BNB Beacon Chain Closure and Migration

The closure of the temporary Beacon Chain is expected to benefit Binance Coin (BNB). BNB holders can now delegate their coins through a manual migration process for passive income. Binance Smart Chain will become the sole network for BEP20 tokens after the migration.