Binance Coin (BNB) Price and Market Update
Binance Coin (BNB) is trading just below $1,300 on Monday. This is about 5.5% lower than its record high of $1,375. The price dropped sharply to $861 on Friday. Despite this, the overall sentiment for BNB remains positive. Both retail and institutional investors continue to show strong interest in the token.
China Renaissance Holdings Plans BNB Token Treasury
China Renaissance Holdings, a Beijing-based investment bank, plans to raise $600 million. The funds will create a public investment company focused on BNB tokens. Bloomberg reports that YZi Labs, the family office of Binance co-founder Changpeng “CZ” Zhao, will also invest in this project. The new digital treasury will be managed by a US-based company.
Demand for BNB has grown significantly this year. The token’s value has more than doubled. Other companies like CEA Industries and 10X Capital also manage BNB-focused treasuries.
BNB futures Open Interest (OI) recently hit a record $2.97 billion. This shows the total value of outstanding futures contracts. On July 1, OI was about $745 million, marking a 75% increase. CoinGlass data shows OI averaging $2.51 billion now, up from $1.83 billion on Sunday. This rise supports BNB’s bullish outlook and strong retail demand.
Technical Outlook: BNB Faces Profit-Taking Pressure
BNB is under selling pressure after reaching its record high of $1,375. The Relative Strength Index (RSI) on the daily chart is at 57 and pointing down. This suggests that bullish momentum is slowing.
However, the Moving Average Convergence Divergence (MACD) indicator shows a buy signal. If the MACD blue line stays above the red signal line, traders may increase buying. This could support a short-term price rise.
Traders should watch for a daily close above $1,300 to confirm the uptrend. Key support levels to watch are the 50-day EMA at $1,211, the 100-day EMA at $1,157, and the 200-day EMA at $1,076. These levels may help limit further price drops.
