VeChain (VET) seems to be following the larger market recovery and is among the few assets that are green across the board. VET is currently the fourth best-performing crypto among the top 100 projects by market cap in the weekly charts, outperforming the likes of Bitcoin (BTC) and Ethereum (ETH). The asset has rallied by 7.5% in the daily charts, 28.4% in the weekly charts, 16.2% in the 14-day charts, and more than 8% over the previous week.
Also Read: VeChain: $1000 Monthly Since 2020 Grows By Almost 100%
The current market recovery could be due to an increase in the open interest of major projects. Bitcoin has reclaimed the $62,000 level, leading to a boost in investor confidence. The chances of Donald Trump winning the US Presidential election may have also played a hand in the market rebounding. Trump has been very supportive of cryptocurrencies, even accepting them for his presidential campaigns.
Will VeChain reclaim the $0.050 level this week?
![Vechain](https://watcher.guru/news/wp-content/uploads/2024/03/VeChain-1024x555.jpg)
![Vechain](https://watcher.guru/news/wp-content/uploads/2024/03/VeChain-1024x555.jpg)
According to the researchers at CoinCodex, VET will continue to trade at current levels for the rest of this week. The platform anticipates VET’s price to drop to $0.028 on July 22, 2024, before reclaiming its current level in early August.
Also Read: VeChain (VET) Predicted To Hit $1.5: Here’s When
Changelly analysts anticipate VeChain to hit a maximum price of $0.059 in 2024. The platform does not clarify when the asset may reach its $0.05 target though.
Also Read: VET: What Will VeChain’s Value Be Worth in 2026?
VET is an environmentally-focused supply-chain-based project. Being environmentally positive makes the project lucrative for future growth. VET might witness a surge in price in the long run, given its positive environmental outlook. The project also has a lot of collaborations with global firms which may further push VET’s price.