VeChain (VET) has faced a massive price dip today. The asset is down 20% in the daily charts, 21.3% in the weekly charts, 31.1% in the 14-day charts, and 33.2% over the previous month. Despite the correction, VET has rallied 18% over the last year.
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Why Is The Cryptocurrency Down?
VET’s latest correction comes after Bitcoin (BTC) fell to the $95,000 level. The global crypto market cap has also dipped 9.1% in the last 24 hours to $3.24 trillion.
VeChain (VET) follows the market downtrend. The cryptocurrency market took a hit after US President Donald Trump announced new tariffs for Canada and Mexico. President Trump also plans to levy heavy tariffs on the European Union.
The US dollar also gained over the last few days. Investors are likely worried about investing in risky assets.
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VeChain Predicted To Hit $0.11
According to CoinCodex, VET will slowly gain momentum over the next few months. The platform anticipates the asset to hit $0.11 on April 20. Reaching $0.11 from current price levels will translate to a rally of about 266.67%.
Changelly, on the other hand, is quite bearish on VeChain (VET). The platform anticipates the asset to trade at a maximum price of $0.0314 in April 2025. Reaching $0.0314 from current price levels will entail a dip of about 7.65%.
Also Read: Why Is Bitcoin (BTC) Falling Today?
The cryptocurrency market may continue its bearish trend for the time being. Macroeconomic factors may also present a barrier to VET’s price. How the market performs over the coming weeks will determine whether we are in another bear market. Things could improve if the Federal Reserve introduces another interest rate cut.
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