VeChain (VET) has displayed decent performance in 2023. Since January, the token’s price has spiked by around 37.5%. Moreover, VET has surged 3.6% in the daily charts and 7.9% over the previous week. Additionally, the altcoin is up by 3.2% in the 14-day charts and 13.6% since the last month.
Although VeChain VET’s price dipped in mid-November, it has regained traction in the last few days., prompting updated price predictions The November dip was likely due to the US CPI (Consumer Price Index) data. Most crypto projects, such as Bitcoin (BTC), Ethereum (ETH), etc., saw prices fall after November’s CPI data release.
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VeChain (VET) price prediction for early December
The machine learning algorithm at PricePredictions projects a bearish outlook for VET in December. As per the platform, VET could fall to $0.02068 by Dec. 6, 2023, a drop of around 4.3% from current price levels. Furthermore, PricePredictions anticipates VET to continue falling throughout December.
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CoinCodex also paints a bearish picture for VeChain (VET). According to the platform, VET’s price could fall to $0.01980 by Dec. 7, 2023. The drop in price translates to a fall of about 8.4% from current levels. Nonetheless, analysts at CoinCodex expect VET’s price to gain momentum later in the month.
Changelly, on the other hand, anticipates VET to trade between $0.02220 and $0.02410 for most of December, which is more bullish than the previous forecasts.
VeChain (VET) fans and investors expect the project to generate significant traction in the future. The project has several environment-related and climate-related initiatives. Since climate change is a concerning topic today, the project may see a surge in popularity soon. Furthermore, VET has also partnered with several global firms, including Amazon.