VeChain is among the top-performing cryptocurrencies in 2023 after it spiked 100% in the last two months. VET doubled investors’ money this year and is among the top 10 gainers that delivered stellar returns.
However, VeChain saw a downturn last week and remained in the red for six consecutive days. It fell from $0.031 to $0.026 during the last week of February. The cryptocurrency turned green on Wednesday, Mar. 1, 2023, and is up nearly 2% in the indices.
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VeChain: Will VET Head North in March?
VeChain’s price is consolidating, and it could be a potential buying opportunity for short-term investors. After slipping 11% in the last six days, making it the longest decline streak in 2023, the cryptocurrency is picking up steam.
Bulls have taken the upper hand signaling a bullish trend that could potentially take VET higher. The cryptocurrency is now looking to touch the $0.03 mark again and could reach there due to the positive sentiments of The HiVe launch.
As a result, VET could remain profitable in the days leading up to The HiVe’s launch on March 4, 2023.
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PricePrediction.net has called VeChain a ‘buy’ for March 2023, as they predict it could climb from $0.027 to a high of $0.032. That’s an uptick of nearly 15% from its current price. “In March 2023, the maximum price for VeChain could reach around $0.032,” the prediction read.
The overall sentiment for VeChain remains bullish. The forecast also predicts that VET could reach a new yearly high of $0.055 by the end of 2023. The last time the cryptocurrency reached $0.055 was in April 2022.
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At press time, VeChain was trading at $0.027 and was up 1.2% in the 24-hour day trade. VET is down 89.98% from its all-time high of $0.280991, which it reached in April 2021.