The cryptocurrency market is facing a substantial price correction. Despite the dip, VeChain (VET) is up 1.8% in the weekly charts and 16% over the previous month. Bitcoin (BTC), on the other hand, is down 0.6% in the weekly charts and up by only 3.1% in the monthly charts. Solana (SOL) is down 1.7% in the weekly charts and 17.6% in the monthly charts.
Although VET is outperforming Bitcoin (BTC) and Solana (SOL) in the weekly and monthly charts, the asset is down 4.9% in the daily charts and 20.3% in the 14-day charts.
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Why Is Bitcoin And The Crypto Market Down?
The current market correction follows Bitcoin’s (BTC) dip to sub-$100,000 levels. The original crypto faced a correction after inflation in the US increased to 2.7%. The Federal Reserve also took a hawkish stance in its latest FOMC meeting. The central bank has decided to undertake only two interest rate cuts in 2025 instead of three. VET and other risky assets may have suffered due to the Fed’s decision.
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Can VeChain Hit $0.07 Next?
According to CoinCodex, VET may consolidate over the next few weeks. The platform anticipates the asset will pick up steam by the end of January 2025. According to CoinCodex, VET will breach the $0.07 mark on Feb. 25, 2025. The platform anticipates the asset to continue rallying and hit $0.095 on Mar. 23, 2025. Hitting $0.095 from current price levels will translate to a rally of about 106.52%.
Changelly, on the other hand, is more bearish on VeChain (VET). The platform predicts VET will breach the $0.07 mark in April 2027, more than two years from now.
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