VeChain (VET) is currently trading around the $0.034 price range and is up nearly 1.5% in the day’s trade. The supply chain-based cryptocurrency turned green after nearly a week as it traded in red for seven days straight. The cryptocurrency is not attracting bullish sentiments and is moving at a snail’s pace in the charts.
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The leading altcoin has been trading sideways for more than a month making investors look for other cryptocurrencies as a promising option. Now that VeChain is on the back foot, will VET turn the tides and lead to greener pastures by the end of May 2024? In this article, we will highlight how high or low VeChain can trade in the charts in the next two weeks.
VeChain: VET May 31, 2024 Price Prediction
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain. According to the price prediction, VET could experience more downside than upside in May 2024. The prediction estimates that VET could dip to the $ 0.031 level in the coming few days.
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However, VeChain could recover briefly in price and end the month at $ 0.033 on May 31, 2024. That’s a dip of approximately 0.60% from its current price of $0.034.
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In addition, all technical indicators point towards the ‘sell’ option for VeChain this month in May 2024. VET is 62% bearish and only 38% bullish in the sentiment indicator. Therefore, it is advised to remain cautious before taking an entry position into VET this month.
The cryptocurrency barely has the strength to pull itself out of the bearish claws due to price stagnation. Its trading volume is also decreasing with $45 million being traded in 24 hours. That’s below average trade in the cryptocurrency market as even meme coins have more trading volume. All these developments add pressure on VeChain’s price making VET shed most of its gains.