VeChain (VET) continues its descent amid a lackluster market. The asset is down 0.3% in the daily charts, 4.5% in the weekly charts, 22.6% in the 14-day charts, and 25.1% over the previous month. Despite the dip, VET has maintained some gains in the yearly charts, rallying 11.5% since February 2024.
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Cryptocurrencies Continue To Glow Red
The crypto market is not showing any signs of a recovery. The market slumped earlier this month and has continued to move downwards. VET and other assets have lost significant value since the beginning of this year.
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US President Donald Trump announced additional taxes on steel and aluminum. The move may have made investors weary of risky assets. President Trump also said he would impose tariffs on countries that tax US goods. Both developments were taken negatively by the market.
Can VeChain Hit $0.08 This Week?
US jobs data came in lower than expected for January 2025. The move could lead to the Federal Reserve cutting interest rates. If the Fed announces an interest rate cut, it could lead to a boost in investor sentiment. Such a scenario could lead to a rally for VeChain (VET) and other cryptocurrencies.
According to CoinCodex, VET could surge to $0.042 on Feb. 14. This price point may be the highest for the asset over the next few days. CoinCodex anticipates VET to gain momentum over the coming months. The platform anticipates VET to hit $0.125 on April 20, 2025. Hitting $0.125 from current price levels will entail a rally of about 278.79%.
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VET could also continue to move sideways over the next few months. If macroeconomic conditions don’t improve, investors may continue to stay away from the crypto market.
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