BNB, the native token on the BNB chain, is up 1.5% during Wednesday’s U.S. market hours to trade at $700. The broader market uptick likely fueled this uptick, as investors’ uncertainty has settled after yesterday’s regulatory development in the U.S. House. Another factor contributing to Binance Coin momentum is Windtree Therapeutics’ announcement of a $200 million BNB crypto treasury strategy. Is a rally $800 close?
Windtree to Launch $200M BNB Crypto Treasury Strategy
On Wednesday, July 16th, Windtree Therapeutics announced a strategic alliance with Build&Build Corp., entering into a $60 million security purchase agreement to launch a BNB-focused crypto treasury. The transaction includes a follow-on subscription option of up to an additional $140 million in gross proceeds, bringing the total potential subscription to $200 million.
The proceeds raised will be used to launch a BNB-focused crypto treasury with allocations expected in the form of cash, shares of the Oslery BNB chains trust, and BNB tokens. While being subjected to shareholders’ approval and the satisfaction of other closing conditions, the initiative will position Windtree as the first Nasdaq-listed company offering direct exposure to BNB cryptocurrency.
The treasury strategy includes components such as custody, yield generation, and digital asset security, aiming to meet the growing demand from U.S. investors for a regulated exposure to the Binance ecosystem.
This development could bolster a chain of institutions’ interest in BNB-focused products, potentially driving higher demand pressure on the BNB price.
Binance Coin Breakout Accelerates Within Wedge Pattern
Since last weekend, the BNB price has witnessed heightened volatility as investor sentiment remains uncertain surrounding the regulatory developments in the US House. However, as the US House failed to advance these crypto bills, the market volatility has settled since yesterday.
With a 1.5% intraday surge, the Binance coin provides a bullish breakout from its multi-month resistance level of $697. The sharp upswing in the daily exponential moving average (20, 50, 100, and 200) reinforces the broader bullish sentiment in the market.
If the daily candle manages to close above the aforementioned resistance, the buyers would gain sufficient support to surge over 5% and challenge another significant resistance at $7.32
A deeper analysis of the daily chart shows this recovery is led by a rising wedge pattern within two ascending. If the pattern holds, the coin price recovery is expected to extend to a high of $880 before retesting the overhead trendline.
On the contrary, if the Binance coin price reverts below the $697 resistance, the sellers could drive it down to a correction below the $675 floor.
Credit: Source link