VeChain (VET) is gaining momentum once again after its recent price dip. The asset has rallied 0.4% in the daily charts, 8.8% in the weekly charts, and 13% in the 14-day charts. Despite the rally, VET’s price is still down 17.4% over the previous month and 38.7% since March 2024.
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Crypto Market Resurgence
The crypto market seems to be recovering after its recent dip. Bitcoin (BTC) has reclaimed the $87,000 level. The global crypto market cap has risen to $2.97 trillion. BTC’s rally may have trickled into other assets. VeChain (VET) could be rallying due to increased BTC inflows.
The market rally is likely due to the US announcing that it would ease tariffs. Tariffs against the European Union (EU), Canada, and Mexico triggered a market correction. VET and other assets faced substantial price dips following the development.
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The market-wide rally also could be due to the Fed pausing interest rates. Inflation in the US is cooling. Investors may begin to take more risks if the Fed announces a rate cut.
VeChain To $0.040 Next?
According to CoinCodex, VET will continue to rally over the coming weeks. The platform anticipates the asset to hit $0.047 on Apr. 20. VET’s price will rally by 80.77% if it hits the $0.047 target. CoinCodex does not anticipate VET’s price to hold above $0.040. The platform expects the asset’s price to dip below $0.04 by the last week of April.
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There is also a chance that VET will breach the $0.050 mark over the coming weeks. The asset could hit the $0.05 target if the Fed announces an interest rate cut. A cooling of macroeconomic headwinds could lead to a market-wide rally for cryptocurrencies.
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