The cryptocurrency market is making a recovery after its recent crash. The crypto market recorded its most significant one-day liquidation in history. VeChain (VET) is also following the market-wide recovery. According to CoinGecko’s VET data, VET’s price has rallied 9% over the last 24 hours. Despite the rebound, the asset is still trading in the red zone in the other time frames. VET is down 16.9% in the last week, 13.2% in the 14-day charts, 25.3% over the previous month, and 15% since October 2024. However, VeChain (ET) could register a big price rally over the coming weeks. Let’s discuss.
VeChain’s Price Predicted To Rally Another 31%
October has historically been a bullish month for the crypto market. Early October seems to be taking a bearish turn, defying the historical pattern. Things could improve over the coming weeks. VeChain (VET) and the larger crypto market faced a massive correction due to trade disputes between the US and China. Both nations seem to be making progress in their respective discussions. The crypto market could stabilize following the new developments.
VeChain (VET) could also experience a rally if the Federal Reserve announces another interest rate cut. There is a high chance that the Fed will roll out another 25 basis point interest rate cut after its next meeting. We could see another market-wide rally if rates go down further.
Also Read: What Will it Take for VeChain to Reclaim $0.077?
According to CoinCodex analysts, VeChain (VET) will experience a continued rally over the coming weeks. The platform anticipates VET to hit $0.0255 on Dec. 1. Hitting $0.0255 from current price levels will translate to a rally of more than 31%.
There is also a possibility that things will not go as expected. The crypto market and the global macroeconomic landscape are still quite fragile. Slow economic growth and trade disputes could present new challenges to VeChain’s (VET) price.
Credit: Source link