VeChain (VET) seems to be continuing its October momentum into November. The 37th largest crypto by market cap is up 3% in the last 24 hours and 12% over the previous week. Moreover, VET has spiked 24.5% in the monthly charts.
VeChain’s (VET) latest surge could be due to Bitcoin’s (BTC) recent rally. The original crypto hit a new yearly high recently, surging over the $35k level. However, BTC has since dropped to just over $34k and seems to be consolidating. Nonetheless, the biggest crypto project by market cap has risen over 100% since January 2023.
BTC is currently leading the market. Hence, a consolidation of its price could be a cause of worry for many investors.
VeChain (VET) mid-November price prediction
According to the machine learning algorithm at PricePredictions, VET’s price could drop to around $0.02108 by Nov. 12, 2023. The drop represents a fall of about 1% from current price levels. Nonetheless, the platform anticipates VET to pick up steam later in the month.
Furthermore, CoinCodex also anticipates VET’s price to fall this week. The platform predicts an even more bearish outlook for VET. As per CoinCodex, VET could reach $0.01985 on Nov. 14, 2023. The drop translates to a fall of 6.81% from current price levels.
Changelly also says in their price prediction that they expect VeChain (VET) to drop in November. As per the platform, VET will trade at an average price of $0.020 in November 2023, about 4.7% lower than current price levels.
VET may face a correction soon, given that Bitcoin’s (BTC) rally has cooled and its price is consolidating. Hence, investors should keep their eyes on VET’s movements this week. Nonetheless, we may enter another epic bull run in early 2024, about a month and three weeks away.