VeChain is currently trading at $0.015 levels and is moving backward in the indices this month. VET is among the least-performing cryptocurrencies in 2023, as the digital asset is relentlessly shedding its value. It doubled in price in Q1, rising from a low of $0.015 to reaching a high of $0.032. However, it is now back to its early 2023 levels, as VET experienced more downturns than rallies in the last five months.
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So, will VET shed its baggage and reach greener pastures in the next month? In this article, we will highlight how high VeChain may perform in September 2023.
VeChain: VET Price Prediction September 2023
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain for September. Though VET could remain in the green next month at its current price, the margin is too slim to initiate a sell-off. According to the forecast, VET could rise a mere 3% from $0.015 and reach $0.016 by the end of September.
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Therefore, the VET could trade on the razor’s edge, giving investors little to no room to transact in profits. The technical analysis for VET is also bearish, with 97% of investor sentiments in the red and only 3% in the green. The forecast also pointed toward the ‘sell’ and not the ‘buy’ option, making VeChain remain bearish next month.
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Its price failed to spike this year despite the VeChain Foundation signing multiple business deals with leading global brands. The foundation will provide supply chain and logistics solutions using blockchain technology. Read here to know how many brands the Foundation partnered with in 2023.
At press time, VeChain was trading at $0.015 and was down close to 1% in the 24-hour day trade. VET is also down nearly 95% from its all-time high of $0.28, which it reached in April 2021.