VeChain (VET) and Cardano (ADA) quickly recovered from Monday’s cryptocurrency market crash and were up nearly double digits on Tuesday.
This impressive rebound has caught the attention of investors and analysts alike, sparking renewed interest in these leading altcoins.
VeChain & Cardano: Recent Gains, Bitcoin Influence, and Market Challenges
Stellar Gains for Day Traders
The leading altcoins delivered stellar gains today for day traders after nearly a month of being on the back foot. Optimism surged after Bitcoin spiked close to 6% in the last 24 hours and is now comfortably in the $55,000 price range.
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Leading altcoins move with Bitcoin’s price, and the surge in VeChain and Cardano’s value can be attributed to BTC. If Bitcoin reclaims the $60,000 level, VET and ADA could also reach new monthly highs. However, it’s much easier said than done, as the global economy faces severe macroeconomic pressures.
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Macroeconomic Pressures
Fears of an upcoming recession in the US are looming, while tensions in the Middle East are dramatically escalating.
All these developments led the US and global stock markets to crash, wiping away trillions of dollars in a jiffy.
Challenges Ahead for VET and ADA
VeChain’s VET and Cardano’s ADA might not have it easy in the charts for the rest of the month.
This article will highlight how high or low VET and ADA could trade in the indices in August.
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Cardano & VeChain August 2024 Price Prediction
Bearish Forecast for VET and ADA
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for both VET and ADA. The forecast indicates that both altcoins could begin heading south by the end of the week.
Weekly Highs and Potential Dips
Cardano and VeChain have touched their weekly highs and might start dipping in the indices as day traders book profits.
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Price Prediction Estimates
The price prediction estimates that VET could dip by another 8% next week while ADA could fall more than 7%. Therefore, if an entry position in VeChain or Cardano is taken, an investment of $1,000 could turn into $920 within a week.
It is advised to remain cautious before entering the cryptocurrency market, as the global markets remain slippery. Another downturn could set off a chain of events that could turn into drastic losses.