BNB Price Rises 3% Following Nano Labs’ $500M Convertible Note Agreement
Binance Coin (BNB) experienced a bullish rebound, trading at approximately $637.7, up 3% after dipping to $600 over the weekend. This rise follows Nano Labs’ announcement of a $500 million convertible note agreement to acquire BNB as part of its crypto investment strategy.
Key details include:
- Nano Labs plans to assess BNB’s security and utility before potentially purchasing up to $1 billion in BNB.
- The company aims to hold between 5% to 10% of BNB's total circulating supply of 140.88 million tokens.
A report indicated hedge fund veterans are raising $100 million to invest directly in BNB through their new company, Build & Build Corporation.
Investor sentiment is bolstered by VanEck’s filing for a spot BNB ETF, with analysts estimating a 90% chance of approval. This could attract institutional capital and significantly impact BNB prices.
Current technical analysis shows:
- RSI near 45 indicates recovery from oversold conditions.
- Immediate resistance levels at $647 and $670.
- Bollinger Bands suggest possible upward movement if price closes above $647.
- MACD indicates bearish momentum but shows potential for a crossover if bullish momentum continues.
If bullish trends persist, BNB may reach prices between $690 and $700.
BNB price chart with RSI and Bollinger Bands | Source: Trading View
BNB price chart with MACD | Source: Trading View