Key takeaways
- Binance’s BNB is up 2.5% in the last 24 hours but could rally higher amid a strong market recovery.
- Former executives from Coral Capital Holdings are planning to launch a BNB treasury firm, and this could see BNB’s price surge.
Build & Build Corporation to raise $100M to launch a BNB treasury
Former executives from Coral Capital Holdings have launched a firm called Build & Build Corporation and intend to invest in a BNB treasury. This is according to a recent report by Bloomberg.
According to the report, the firm is looking to raise $100 million to fund this plan. Build & Build Corporation will be led by former Coral Capital execs, including Patrick Horsman, Joshua Kruger, and Johnathan Pasch. The company also intends to go public through a reverse buyback of an unidentified Nasdaq-listed company.
The move could see BNB’s price soar in the medium to long term. Companies such as Strategy, Metaplanent, and GameStop have billions of dollars worth of Bitcoin treasury. A similar approach by Build & Build Corporation could see BNB’s price hit a new all-time high.
BNB eyes $700 amid improved fundamentals
BNB, the native coin of the Binance ecosystem, has performed positively over the last 24 hours following a bearish weekend. At press time, BNB is trading at $638, up 2.5% in the last 24 hours.
The positive performance comes amid the ceasefire between Israel and Iran. If the bullish momentum persists, BNB could surge to the $700 level soon. The technicals have also improved to reflect the current price action.
The BNB/USD 4-hour chart shows that the bulls are regaining control of the market. The RSI of 55 shows that BNB is moving into the positive zone after spending days in the negative territory.
The blue and red MACD lines are crossing into the positive region, indicating a strong bullish momentum for BNB. If the bullish trend persists, BNB will test the first major resistance level at $676 soon. In case of an extended rally, BNB could hit the $700 mark for the first time since February.
