The cryptocurrency market is facing a significant correction, with Bitcoin falling to around $67,500 and the global crypto market cap falling to $2.6 trillion. VeChain (VET) follows the market trend, dipping 3.8% in the daily chart, 10.6% in the weekly chart, nearly 15% in the 14-day chart, and 12.6% over the previous month.
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The latest correction could be due to strong numbers of the US employment data. The employment data has faced expectations of an interest rate cut, leading to high liquidations. Furthermore, the US FOMC (Federal Open Market Committee) meeting is scheduled for June 12, 2024. Traders may be expecting a hawkish stance from the Federal Reserve, hence exiting positions from risky assets, such as cryptocurrencies.
Will VeChain (VET) recover?
According to CoinCodex data, VET will continue to decline over the next few days. The platform predicts VET to hit $0.028 on June 18, 2024. Reaching $0.028 from current levels would translate to a drop of about 6.6%. However, CoinCodex anticipates VET to gain momentum by the end of this month, hitting $0.031 on June 30, 2024.
Changelly, on the other hand, predicts VeChain (VET) to hit a maximum price of $0.0464 in June. Reaching $0.0464 from current price levels would translate to a growth of about 54.6%.
VeChain (VET) is a supply-chain-based project with several environment-related initiatives. The project recently announced a partnership with Vyvo Smart Chain, aimed to revolutionize health and lifestyle monitoring. The project aims to do this by incentivizing positive behaviors using B3TR tokens.
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The project has also announced that its native tokens, VET and VTHO, are now available on Revolut. The development could lead to a spike in adoption and, consequently, price.