VeChain is having trouble breaking above $0.030. The price of the asset decreased by 5.3% over 14 days and 19.7% since May 2024. Even with the bearish market performance, VET has gone up 0.7% in one day, 1.6% in a week, and 6.4% during the last month.
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Crypto Market Rally Fades
The crypto market experienced a surge over the last few weeks after a spike in institutional investments. Bitcoin (BTC) climbed to a new all-time high of $111,814 on May 22. The original crypto has since fallen by 1.8%. BTC’s rally triggered a market-wide upswing. VET and other assets followed BTC’s upward trajectory. The rally has since cooled off.
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VeChain (VET) has struggled to gain momentum despite the recent market roar. The asset climbed to $0.077 in December of last year. Since December, VET’s price has seen a gradual and steep decline.
Will VeChain Hit $0.05 In June?
VeChain (VET) last traded above the $0.05 mark in January of this year. The asset has lost significant ground over the last few months.
CoinCodex analysts anticipate VET to enter a sideways trajectory over the next month. The platform expects the asset to trade at a maximum price of $0.030 in June. VET’s price will face a 6.3% rally if it hits the $0.030 mark.
VET’s price could experience a rally if the Federal Reserve announces an interest rate cut. President Trump has stated that he wants the Fed to cut rates soon. An interest rate may lead investors to take on more risks. Cryptocurrencies are among the most volatile and risky assets. The market could see an upswing if borrowing becomes easier.
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VeChain (VET) could also benefit from BTC gaining momentum. BTC is the market leader, and other assets often follow its trajectory. BTC gaining traction could trigger another market-wide rally.