VeChain (VET) seems to be following the market-wide recovery. The asset has rallied 4.3% in the daily charts, 13.9% in the weekly charts, 19.5% in the 14-day charts, and 20.2% over the previous month. Despite the rally, VET’s price is down 30.7% since April 2024.
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Cryptocurrencies Recover With Increased Inflows
The crypto market has made a substantial rally over the last few days. The latest rally is likely fuelled by institutional buys rather than retail investors. VET’s rally follows Bitcoin’s (BTC) recent climb to the $95,000 level.
VET’s rally also comes amid other bullish developments. The SEC has appointed pro-Bitcoin Paul Atkins as its new head. Atkins will likely be more lenient to the crypto industry than outgoing head Gary Gensler.
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Other bullish developments include the possibility of an interest rate cut in the US. The Federal Reserve may cut rates very soon. Inflation in the US has also cooled more than expected. A rate cut could lead to a surge in risky investments, such as cryptocurrencies. VeChain (VET) and other crypto assets may benefit from such a development.
Can VeChain Reclaim $0.040 in May 2025?
According to CoinCodex, VET’s price may dip over the next few weeks. The platform anticipates the asset to trade at $0.020 on May 24. VET’s price will fall by nearly 26% if it dips to $0.020.
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There is also a possibility that VET will not face a correction as predicted by CoinCodex. If the Federal Reserve announces an interest rate cut, we may witness another market-wide rally. Global trade wars are also settling down. The de-escalation of the US vs. China trade faceoff may lead to a surge in investor confidence.