VeChain (VET) has increased by 1.9% on the weekly charts and 0.3% on the daily charts, suggesting a minor rebound. The 14-day and monthly charts show that the asset is still in the red, having dropped by 12.9% and 25.2%, respectively.
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VET’s latest surge could be due to the project’s latest initiative to help EV vehicle drivers, beginning with Tesla. The new initiative, called EVearn, is a dapp that incentivizes and rewards electric vehicle owners. The dapp is currently available to 3.5 million Tesla owners and will soon expand to other brands as well.
How high will VeChain go by the end of this month?
CoinCodex analysts anticipate VET’s price to dip by the end of this month. The platform predicts VET to trade at $0.025 on June 30, 2024, a decline of about 3.85% from current levels.
Also Read: VeChain: When Will VET Breach Its All-Time high of $0.28?
VeChain is expected to stay where it is until a trend reversal occurs in the broader cryptocurrency market. The price of bitcoin is still below $62,000, and investor sentiment has turned “fearful”. We may see a market-wide rise if BTC initiates a rebound and regains its prior momentum.
Inflation in the US has also come in cooler than expected for the month of May. This may lead to an interest rate cut by the Federal Reserve. Hopes of a rate cut may prompt investors to channel their funds into riskier assets, such as cryptocurrencies.
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An Ethereum ETF launch may also boost investor sentiment and cause assets like VeChain to rally. Some analysts anticipate an Ethereum ETF to launch in early July.