Binance’s BNB token recovered to $560 on Sept. 15, 2024, but has since dipped to around $538, falling 1.2% in the last 24 hours. Despite the drawdown, the asset is up 4% in the weekly charts, 1.2% in the 14-day charts, and 0.2% over the previous month.
BNB has also been up more than 150% since September 2023. This price prediction article will explore how high the asset may go this week.
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Market Analysis And Price Prediction
Source: CoinGecko
Why Is The Market Dipping?
The cryptocurrency market slightly recovered over the weekend, with Bitcoin (BTC) briefly reclaiming the $60,000 mark. The rally did not last, and BTC price slid down to the $58,000 level. Binance’s BNB token followed BTC’s trajectory, going up over the weekend and facing a minor correction.
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The dip could be due to macroeconomic reasons and low investor sentiment. US jobs data did not align with what investors expected despite low inflation figures. The Federal Reserve will also cut interest rates this month. This development could lead to a crypto market rally, as rate cuts often increase risky investments.
BNB Weekly Price Prediction
According to CoinCodex data, Binance’s BNB token will surge to $584.11 on Sunday, Sept. 22, 2024. Hitting $584.11 from current price levels will translate to a rally of about 8.45%. The platform also anticipates BNB breaching the $700 mark in October 2024.
Source: CoinCodex
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Changelly is even more bullish on BNB. The platform predicts the asset to hit $594.71 on Sunday, Sept. 22, 2024. Reaching $594.71 from current levels will entail a rally of about 10.42%. Changelly predicts BNB to breach the $700 mark by the end of this month.
Source: Changelly
