VeChain is currently trading around the $0.023 mark on Monday and is up more than 2% in the day’s trade. VET performed well this month, as its price has been up close to 15% in the last 30 days. Its price has sustainably scaled up in the charts with only a few dips since September. The steady rise is making investors consider taking an entry position in cryptocurrency.
Now that VET remains in the green, will the positive momentum carry forward for the rest of the month? This article will highlight how high or low VeChain could trade in mid-October 2024.
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VeChain: VET Price Prediction For Mid-October 2024
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain. According to the price estimates, VET could begin to dip in the charts and cause losses to investors who take an entry position this week. The forecast estimates that the supply chain-based altcoin could fall by nearly 8% by mid-October 2024.
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Therefore, an investment of $1,000 today in VeChain could turn into $920 by mid-October. That’s a loss of $80 in just a week as VET could enter the bearish territory. Since the altcoin delivered profits for a month, investors who made gains could exit before the downturn. Late entrants could bear the dip’s brunt as their portfolios begin to shrink.
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The conflict in the Middle East between Israel, Palestine, and Iran is causing global markets to slip to monthly lows. Asian markets traded in the red for three consecutive days, and the effects are seen on the US stock market.
The overall development will also put pressure on the cryptocurrency sector in October. It is advised to avoid VeChain this week and scout for cryptocurrencies that can generate profits.