In 2024, VeChain (VET) rose to a peak of $0.0777 on Dec. 4. Since its December highs, the asset’s price has fallen by 73.23%. VET continues struggling to gain momentum. The asset is down 2.2% in the daily charts, 5% in the weekly charts, 6.3% in the 14-day charts, 13.8% in the monthly charts, and 22.9% since June 2024.
Can VeChain Replicate Its December Rally Again?
VET’s December 2024 rally was likely due to a market-wide surge. Bitcoin (BTC) was leading the market back in December. Investors were likely ecstatic about Donald Trump winning the US presidential election. Trump’s pro-crypto vows may have led VET to hit a peak of $0.077.
The crypto market faces considerable uncertainty at the moment. Trade wars and global geopolitical tensions may have spooked investors away from risky assets. The Federal Reserve’s decision to keep interest rates unchanged may have also caused VeChain (VET) to face a dip.
CoinCodex analysts do not anticipate VeChain (VET) to make any big moves soon. The platform predicts VET will rise to $0.0278 on Aug. 31. Hitting $0.0278 from current price levels will entail a rally of about 33.6%.
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Given the current market environment, it is unlikely that VeChain (VET) will breach the $0.077 mark anytime soon. The asset could potentially experience a big price surge if the Federal Reserve cuts interest rates. President Trump has been mocking Federal Reserve Chair Jerome Powell for not reducing interest rates till now. Trump has repeatedly asked Powell to cut interest rates in the US so that borrowing becomes easier.
VET could also benefit from a more stable crypto market. The Israel-Iran conflict led to substantial fear in investors. The ceasefire has since introduced some stability in the market. Cryptocurrencies saw a slight rally last week. The market now seems to be consolidating.