VeChain (VET) has followed the recent crypto market upswing, and could hit the $0.035 mark if the rally continues. The asset has gained 14.1% in the weekly charts, 33.8% in the 14-day charts, and 40% over the previous month. Despite the rally, the market seems to be facing a correction today. VET’s price has dipped 5.3% in the last 24 hours, as CoinGecko reveals, and 8.7% since July 2024.
Why Is The Asset Dipping Today?
The crypto market experienced a rejuvenated bullish sentiment over the last few weeks. Bitcoin (BTC) and XRP hit new all-time highs. Other crypto assets followed the upward trajectory as well. VET was no stranger to the bullish party. The asset breached the $0.029 level for the first time since late May of this year.
The rally was likely due to BTC’s rise following increased institutional inflows. Crypto-based ETFs have led to a substantial rise in institutional interest. The development has caused significant bullish reversals for many assets.
VET’s recent rally was also likely due to the US House of Representatives passing the GENIUS, Clarity, and anti-CBDC acts and bills. The move was seen as a major milestone for the crypto industry in the US. We may see more regulatory clarity in the US regarding the crypto landscape.
Also Read: VeChain Hit $0.077 In Dec. 2024: Can It Do It Again In July 2025?
Can VeChain Rise To $0.035?
VeChain (VET) has registered a 5.3% correction in the last 24 hours. Other assets have also seen price dips today. The market-wide dip is likely due to increased profit-taking following the recent surge.
VET may fail to hit the $0.035 mark if the profit-taking surge continues. However, VET’s RSI is hovering in the neutral zone. This means that the asset is neither oversold nor overbought. If Bitcoin (BTC) continues its upward momentum, VET could follow suit. How the market behaves over the coming days is yet to be seen.
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