VeChain is trading on the back foot this month showing little to no gains in the indices. The supply chain-related token is on a downward spiral since April and fell below the $0.020 mark on Monday. VET is now at its lowest price since January as its hovering around the $0.019 mark. It shed most of the gains that it generated in Q1 of 2023 dimming the light of its investors’ portfolio.
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Now that VeChain has dipped below $0.020, can it move up in the indices in the next two weeks? In this article, we will highlight VeChain’s price prediction for mid-May 2023.
VeChain: VET Price Prediction For May 2023
On-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain for the next two weeks. According to the price prediction, VET could dip further by the end of the month and shed double-digit losses.
VeChain could fall from $0.019 to a new low of $0.016 by the end of May 2023, predicted CoinCodex. That’s a downturn of nearly 14.69% in the next two weeks from today.
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VET’s trading volume also fell to $34 million, signaling that its buying pressure is facing severe challenges in the indices. The markets are mostly trading sideways this month making investors fearful of taking an entry position. This adds more pressure on VET’s price leading it to head south rather than north.
VeChain’s price saw a fall despite the Foundation collaborating with various firms around the world to solve problems plaguing the supply chain industry. Read here to know how many partnerships the VeChain Foundation entered into in 2023.
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At press time, VeChain was trading at $0.019 and is up 1.3% in the 24-hour day trade. However, VET is down 93.06% from its all-time high of $0.28, which it reached in April 2021.