VeChain (VET) is currently red across the board. The asset’s price has fallen 3.4% in the weekly charts, 17.1% in the 14-day charts, and 11.2% over the previous month. However, VET has maintained some gains in the yearly charts, rallying nearly 75% since April 2023.
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VET’s latest dip could be due to larger market factors. Bitcoin (BTC) fell below $65,000 once again. Moreover, macroeconomic conditions and geopolitical tensions may have also played a hand. Inflation in the US remains above the Federal Reserve’s 2% target, fading traders’ expectations of an interest rate cut. Moreover, Iran’s attack on Israel has spooked market participants, expecting a market-wide correction.
However, despite the recent correction, VeChain (VET) may witness a price surge soon.
Analyst predicts VeChain (VET) to hit $0.09
According to crypto analyst EGRAG CRYPTO, VET could break out to $0.18, establishing a macro bottom formation. Reaching $0.18 from current levels would translate to a growth of about 361.5%.
If VeChain (VET) hits $0.18, it could rise to $0.9 in the second phase identified by EGRAG CRYPTO, which would be a new all-time high for the asset. Hitting $0.9 from current levels would translate to a growth of over 2200%. Furthermore, the analyst anticipates VET to eventually hit $2.5. Reaching $2.5 from current levels would translate to a rise of over 6300%.
Also Read: VeChain (VET) Could Rally 116% to $0.08: Predicts Analyst
According to Telegaon, VeChain (VET) could hit a maximum price of $0.15 in 2024. However, the platform does not anticipate VET to surpass the $1 mark anytime before 2027 and the $2 mark in 2028.
Changelly is more bearish on VET. The platform anticipates VET to breach the $1 mark in 2032, about eight years from now. Furthermore, Changelly predicts VET to hit the $2 mark sometime between 2033 and 2040.