VeChain (VET) has seen a steady price decline over the last few months. The cryptocurrency hit $0.077 in December of 2024, but has since fallen to the $0.026 price level. According to CoinGecko data, VET’s price is currently down by 3.3% in the daily charts, 0.8% in the 14-day charts, and 1% over the previous month. Despite the price correction, VET is up 0.5% over the last week and 9.1% since September 2024. In this price prediction article, let’s discuss how VeChain (VET) can reclaim the $0.077 price point.
Price Prediction: When Will VeChain Hit $0.077?
VeChain’s (VET) current predicament is likely due to a market-wide downtrend. According to CoinGlass data, the crypto market has seen $438.65 million worth of liquidations in the last 24 hours. The market dip could be due to investors taking caution ahead of the Federal Reserve’s two-day meeting from Sept. 16-17. The meeting’s outcome will have a substantial impact on the US monetary policy. A dovish stance could trigger another bull run for the crypto market. Such a scenario could lead to VeChain (VET) reclaiming its December 2024 price levels.
There is a very high chance that the Federal Reserve will cut interest rates by 25 basis points after the next Federal Open Market Committee (FOMC) meeting. An interest rate cut often leads to investors taking on more risks. Such a development will greatly aid VeChain’s (VET) pursuit of the $0.077 price level.
Also Read: VeChain 5-Year Price Prediction: Will VET Hit $3 By 2030?
However, inflation figures in the US have increased to 2.9% for August. Higher inflation numbers could lead to the Federal Reserve keeping interest rates unchanged. Such a scenario could lead to VeChain’s (VET) price falling further or consolidating around current levels.
CoinCodex analysts do not anticipate VeChain (VET) to hit the $0.077 mark anytime this year. The platform predicts VET to hit $0.032 on Nov. 4, before facing a correction.
Credit: Source link
