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.
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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.
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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.
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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.