Binance’s BNB token has recovered 0.4% in the last 24 hours but is down 8.3% in the weekly charts, 2.5% in the 14-day charts, and 3.7% over the previous month. BNB saw some traction last month, but the latest correction has wiped out the asset’s August gains.
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Why Is The Crypto Market In A Slump?
Market-Wide Stagnancy
Binance’s BNB correction follows a market-wide stagnancy that looms over the crypto sector. Analysts highlight the high flow of capital away from regular cryptocurrencies and into stablecoins.
This development showcases low investor sentiment. Market participants might be anticipating further correction.
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Investor Sentiment And Economic Indicators
Despite a high probability of an interest rate cut from the Federal Reserve, investors are still weary of risky investments. Investors and traders are not eyeing the US jobs data this week. The figure might give additional information on the Federal Reserve’s economic policy stance.
BNB to Hit $703?
CoinCodex Prediction
Despite the current slump, the crypto market may pick up the pace this month.
According to CoinCodex analysts, Binance’s BNB token could climb to $703 on Sept. 17, 2024. A rally of about 35% would be required to hit $703 from current prices.
CoinCodex analysts do not expect BNB’s price to hold above $700 for long. The platform predicts the asset will face a correction to about $661 by the end of the month.
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Changelly Prediction
Changelly researchers also predict Binance’s BNB will breach the $700 mark this month. The platform anticipates the asset hitting $705.44 on Sept. 16, 2024.
Like CoinCodex, Changelly researchers do not expect BNB’s price to hold above $700, predicting a correction to around $653 by the end of September.