On Wednesday, Binance Coin (BNB) is trading around the $589 mark and is looking to breach the $600 level. The cryptocurrency has surged more than 175% in a year, making investors double their money quickly. It has steadily maintained its momentum in the indices by sustainably scaling up in the charts in 2024. After breaching the $700 level in June this year, its price dipped to the $500 mark in Q4.
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Binance Coin: BNB Price Prediction For October 2024
Now that BNB maintains a positive momentum, a recent price analysis indicates it could surge by 27% this month. Leading on-chain metrics and price prediction firm CoinCodex painted a bullish thesis for Binance Coin in October. According to the price prediction, BNB could breach both the $600 and $700 mark and reach a maximum price target of $750.
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That’s an uptick and return on investment (ROI) of approximately 27% from its current price of $589. Therefore, if the forecast is accurate, an investment of $1,000 could turn into $1,270 in the next two weeks.
However, the average trading price for BNB is $685. If Binance Coin trades minimally by the end of October, that’s a return of close to 16% in the next two weeks.
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“The projected monthly trading range is between $590 and $ 750, with the average monthly value sitting at $685. This could offer investors a potential return of 26.95%,” read the BNB price prediction.
Overall market sentiments towards Binance Coin remain bullish. If the markets continue to momentum, BNB could reach the price target. If macroeconomic factors add pressure on the economy, the leading altcoin could dip and deliver losses to investors. It is advised to conduct thorough research before taking an entry position into the leading cryptocurrency.