VeChain (VET) has witnessed a slight rebound over the last few days, rallying 1.3% in the daily charts and 1.6% over the week. Nonetheless, the asset is still down by 9.2% in the 14-day charts and 20.4% over the previous month.
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The dip over the last 30 days could be due to macroeconomic reasons, such as rising inflation and fading expectations of an interest rate cut. The Federal Reserve Chair, Jerome Powell, said that the Fed will likely follow a policy of higher rates for longer. Furthermore, global geopolitical tensions have injected some amount of fear into the market. Iran’s attack on Israel led to a significant price correction.
VeChain (VET) weekend price prediction
According to CoinCodex, VET could rise to $0.036 by Sunday, May 12, 2024. Reaching $0.036 from current levels would translate to a growth of about 2.86%. However, the platform does not anticipate prices to hold. CoinCodex predicts VET’s price to fall to $0.033 on May 17, 2024.
Also Read: VeChain (VET) Could Rally 116% to $0.08: Predicts Analyst
Changelly anticipates VeChain (VET) to hit a maximum price of $0.0442 in May 2024. However, the platform does not clarify the date. Reaching $0.0442 from current levels would translate to a growth of about 26.2%.
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There is a possibility that VET will consolidate around current levels for the time being. There is not much market activity to trigger a rally yet. Bitcoin (BTC) rallying could cause VET to surge. Furthermore, if inflation in the US cools, it could lead to a slight market rebound. Furthermore, if the Federal Reserve begins to cut interest rates, it may further boost investor sentiment, leading to a market-wide rally.
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