VeChain (VET) is following the larger crypto market rebound trend, rallying 4.3% in the daily charts, 3.4% in the weekly charts, and 6% in the 14-day charts. According to recent price predictions, VET could reach new heights!
Despite the rally, VET continues to glow red in the monthly charts, falling 22.1% over the previous month.
In this price prediction, let’s examine how VET may perform at the end of this month.
Why is The Market Rallying?
The crypto market is undergoing another rally, with Bitcoin (BTC0 reclaiming the $60,000 level. The market resurgence could be due to increased investor sentiment and decreasing inflation figures in the US. While the Federal Reserve has not officially announced an interest rate cut, many investors and traders anticipate one by September.
Also Read: VeChain Price Prediction: How High Can VET Go In August 2024
VET Price Prediction August-End 2024
According to CoinCodex’s price prediction, VeChain (VET) will continue trading at around current levels over the next few days before dipping to $0.022 on Aug. 31, 2024. The platform anticipates VET making a recovery next month, hitting $0.024 by the first week of September.
Also Read: VeChain: Can $1000 of VET Make You A Millionaire By 2030?
Changelly predicts VET’s maximum price of $0.026 in August 2024. Unfortunately, the platform does not clarify when it could reach this level.
VeChain (VET) could rally further than anticipated if some factors come to fruition. Firstly, the general market sentiment needs to be high. BTC is regaining traction, and investor mood seems to be flowing slowly toward the “greed” area. A market rally will greatly help VET’s price.
Secondly, the Federal Reserve’s announcement of an interest rate cut would spike investor confidence and attract more capital for risky assets such as cryptocurrencies.