VeChain is trading around the $0.025 price level in the charts on Monday. VET’s performance in Q3 of 2024 remains decent as it surged by nearly 13 in the last 30 days. The altcoin is mostly trading sideways this week with little to no price bursts in the indices.
It struggles to hit the $0.01 mark as the market conditions pull its price down. Now that September has ended, will VeChain turn the tides and rise in the charts in October 2024? This article will highlight a price prediction for VET for the next 30 days.
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VeChain: October 2024 Price Prediction For VET
Leading On-Chain Metrics And Price Prediction
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain in October 2024. According to the forecast, VET could remain in the same price range but dip briefly in the charts.
Expected Price Decline
The estimate indicates that the supply chain-based cryptocurrency could decline by close to 1.5% by the end of October. Its price could hover around the $ 0.0254 mark by the end of the month, read the forecast.
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Investment Implications
Therefore, an investment of $1,000 could turn into $984 in the next 30 days if you can find an entry position in VeChain today. “According to our VeChain forecast, the price of VET will decrease by 1.55% over the next month and reach $ 0.025445 by October 30, 2024,” the on-chain metrics firm predicted.
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In conclusion, it is advised to steer clear from VET, as all indicators point toward a bearish thesis. There are more chances of incurring losses in the altcoin than of delivering profits in October. The broader markets usually slow down in Q4 and pick up steam by the end of the year in December. It is best to avoid taking an entry position in VeChain during Q4 of 2024.