VeChain (VET) made a slight recovery after the recent market-wide resurgence. The asset has rallied 3.4% in the 14-day charts and 15.1% over the previous month. Despite the recovery, VET’s price has dipped 0.3% in the daily charts, 8.2% in the weekly charts, and 31.5% since May 2024.
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Cryptocurrencies Hold Steady
The crypto market seems to be entering a sideways trajectory. Bitcoin (BTC) is facing substantial resistance at the $97,000 level. VET is facing some resistance at the $0.027 level.
The recent market rally is likely fueled by institutional investors. BlackRock purchased more than $3 billion worth of BTC since Apr. 22. Retail investor participation is likely very low right now. Investor confidence has still not recovered to pre-tariff levels.
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VeChain’s (VET) recovery is likely due to Bitcoin (BTC) reclaiming the $95,000 level after its recent dip to sub-$75,000 levels.
The crypto market has also seen some other bullish developments. The SEC has appointed Paul Atkins, a pro-Bitcoin candidate, as its head. Atkins will likely take a more lenient approach to the crypto industry than previous head, Gary Gensler.
Can VeChain Hit $0.030 This Week?
CoinCodex is anticipated to rally slightly over the coming days. The platform anticipates the asset to trade at $0.026 on Apr. 12. Hitting $0.026 from current levels will entail a rally of about 4%. CoinCodex does not anticipate VET’s price to hold above $0.025. The platform predicts a dip to $0.019 on Apr. 24.
Also Read: BlackRock Warns: It’s Now Riskier to Ignore Bitcoin Than Own It
There is also a possibility that VeChain (VET) will rally higher than CoinCodex anticipates. The Federal Reserve may cut interest rates soon. A rate cut could lead to a surge in risky investments, such as cryptocurrencies.