VeChain is currently hovering around the $0.028 mark on Tuesday and is down 3% in the day’s trade. VET is having a difficult year as its price has mostly gone downhill in the last seven months. Most investors who took an entry position in the cryptocurrency this quarter face losses. However, July 2024 was different for VeChain as it shot up 15% in the last 14 days. Investors who took an entry position early this month made decent returns.
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Will VeChain continue its positive streak and deliver similar returns by the end of July 2024? In this article, we will highlight how high or low VET could trade in the charts by the end of the month.
VeChain (VET) Price Prediction For July 31, 2024
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain this month. According to the price prediction, VET could shed most of its gains and trade in red. The forecast indicates that VET could fall another 8% from its current price and reach $0.027.
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“According to our VeChain price prediction, VET is forecasted to trade within a price range of $ 0.029736 and $ 0.028321 this week,” read the prediction. Therefore, taking an entry position into VET currently could lead to losses. It is advised to avoid VeChain as the supply chain-based cryptocurrency is in bearish territory.
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Not much can be expected from VeChain this month as the altcoin is in the bearish grips. Other leading altcoins could deliver better returns than VET and it’s best to be focused on those to generate profits. Cryptocurrencies like Bitcoin and Ethereum could deliver more returns as ETH ETF trading will begin on Tuesday. It is better to time the market and make the most of the event than take entry positions into VET.