VeChain’s (VET) price seems to be recovering from the recent market dip. According to CoinGecko data, VET’s price has gained 4.1% in the last 24 hours, 7.6% in the weekly charts, 2% over the previous month, and 9.2% since August 2024. Despite the rally, VET is still down by 1.4% in the 14-day charts.
VeChain Price Predicted To Hit $0.03
VET may continue to surge over the coming days before facing a consolidation. According to CoinCodex VeChain statistics, VET will hit $0.032326 on Oct. 22. The platform anticipates the asset to face a slight correction soon after hitting the $0.03 mark. Hitting $0.032326 from current price levels will entail a rally of about 25.44%.
VeChain’s (VET) latest price rally is likely due to a market-wide resurgence. Bitcoin (BTC) has reclaimed the $112,000 mark after briefly falling below $110,000. BTC’s rebound may have boosted investor sentiment.
VeChain’s (VET) price rally may have been pushed by macroeconomic factors as well. The Federal Reserve is expected to take a dovish stance on the US monetary policy. Chances are high that the Federal Reserve will cut interest rates by 25 basis points in September. A rate cut could further propel VET’s price.
However, there is also a chance that VeChain’s (VET) price will consolidate around current levels. September has historically been a bearish month for the crypto market. A rate cut could provide some cushioning to any possible volatility. Such a scenario could lead to price plateauing over the coming weeks.
Also Read: VeChain 5-Year Price Prediction: Will VET Hit $3 By 2030?
Institutional inflows into Bitcoin (BTC) and Ethereum (ETH) have led to substantial sentiment boosts. If institutional inflows continue to surge, the market could experience another bullish leg. VeChain (VET) and other crypto assets could benefit under such circumstances. How things unfold over the coming weeks is yet to be seen.
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