VeChain is currently trading at $0.016 and has been on a downward streak for the last six months. VET performed well in Q1 this year after it doubled in price, jumping from $0.015 to $0.032. After Q2, VeChain dipped relentlessly in the charts and is now back to its nine-month low in September. Supply chain-based cryptocurrency is now among the least-performing assets with little to no price action.
So, will VeChain turn the tables in October 2023 next month? In this article, we will highlight how high VET could move in the charts in October.
VeChain: How High Will VET Reach in October 2023?
Leading on-chain metrics and price prediction firm CoinCodex painted a bearish picture for VeChain in October 2023. According to the price prediction, the maximum it could jump in price to next month is 5% from its current levels. The forecast claims that VeChain could reach $0.017 mid-October and retrace to its lows of $0.016 again.
The profits are meager, leaving little to no room for investors to book profits on a razor-thin margin. The cryptocurrency has lost volatility, making day traders and mid-term holders avoid VET.
VeChain has more chances of losing value than it heading north in the next five weeks. This puts the cryptocurrency on the back foot and might remain in the ‘least-performing assets’ club for many months. Therefore, it is advised to remain cautious before taking an entry position in VET during this period.
At press time, VeChain was trading at $0.016 and is down nearly 1% in the 24-hour trade. It is also down close to 95% from its all-time high of $0.28, which it reached in April 2021. It’s now been 30 months since VET failed to reclaim its previous glory, and it might take years to reach the top.