- VeChain (VET) is riding the market wave: up 5.9% daily, and 9% weekly, but still down 12.8% monthly.
- Mixed predictions for May-end: potential correction followed by a possible rally.
The cryptocurrency market, including VET, is experiencing a resurgence, with Bitcoin (BTC) reclaiming the $71,000 mark. VeChain (VET) is also feeling the positive sentiment, with significant gains in daily and weekly charts. However, analysts offer mixed predictions for coin price by the end of May 2024.
Market Factors Influencing VET
The recent market upswing could be attributed to progress in the approval process for an Ethereum Exchange Traded Fund (ETF). Additionally, cooler-than-expected inflation numbers in the US might be boosting investor confidence. Despite these positive developments, VeChain is still down over 12% compared to last month.
Short-Term Price Correction Expected
CoinCodex, a popular crypto forecasting platform, predicts a slight price correction for coin in the coming days. Their analysis suggests a potential drop to $0.0344, representing a 5.5% decline from current levels. However, CoinCodex offers a more optimistic outlook for early June, anticipating coin to reclaim the $0.037 mark. This suggests a period of consolidation for VeChain’s price in the immediate future.
Rally on the Horizon?
Changelly, another crypto analysis platform, presents a different perspective. While not providing a specific date, they forecast a maximum price of $0.0442 for coin in May 2024. Furthermore, Changelly predicts a rise to $0.0464 by June. This could indicate a potential rally for VeChain in the near future.
Looking Ahead
While short-term predictions remain uncertain, the overall market sentiment seems to favor VeChain. With potential consolidation followed by a possible rally, investors should closely monitor coin price movement and conduct their own research before making any investment decisions.
Analysts are largely bullish about the altcoin based on key on chain metrics, network development and general bullish market outlook.