VeChain (VET) has faced quite a correction over the last few weeks. The asset is struggling to gain momentum and is glowing red across the board. VET is down by 5.3% in the daily charts, 1.5% in the weekly charts, 2.2% in the 14-day charts, and 19.6% over the previous month.
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Understanding VeChain’s Recent Performance and Future Potential
Why The Lack of Upward Momentum?
VeChain’s (VET) underwhelming performance may be caused by Bitcoin’s (BTC) drop below $60,000.
Even though the Federal Reserve announced that interest rates would decline in September 2024, investors might not feel comfortable investing in riskier assets. Bitcoin’s decline has sparked a market-wide correction, and other cryptocurrencies are trailing.
The downtrend may change in September after the Federal Reserve’s first interest rate cut. This development may boost investor confidence in riskier assets such as cryptocurrencies.
Also Read: Bitcoin to $100,000? Analysts Predict Bullish September
VeChain (VET) and other crypto assets could witness a rally in the coming month.
How Can You Be a Millionaire When VET Hits $0.7?
You will need about 1,428,571.42 (1.42 million) coins to have a million dollars worth of VET at $0.7 per coin. The price of 1.42 million VET tokens right now is about $31,428.57. If this trade is successful, your portfolio’s value will have grown by nearly 3081%.
The question now becomes when VeChain (VET) will hit $0.7. According to Changelly analysts, VET could hit the $0.7 mark in January 2033, about eight and a half years from now.
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Telegaon researchers are far more bullish on VET than Changelly. The platform anticipates the asset to breach the $0.7 level in 2026, about two years from now.
The platform expects VET to hit a maximum price of $0.87 in 2026, a rise of about 3854% from current price levels.