VeChain (VET) has recovered 1.9% in the last 24 hours. The asset is also up by 0.4% in the monthly charts and 39% since October 2023. Despite the rally, VET’s price is still down by 4.6% in the weekly charts and 8.2% in the 14-day charts. In this price prediction article, let’s discuss how high the asset can go this week.
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VeChain’s Market Momentum And Future Predictions
VET’s latest rally follows Bitcoin’s (BTC) upward momentum, which may have introduced some positive investor confidence in the crypto market. Analysts anticipate a market-wide rally if Donald Trump returns to the Oval Office.
The US Presidential elections are due on Nov. 5, 2024, and market participants may be taking positions. Many anticipate a Trump return in 2024, which may lead to increased investments in crypto assets over the next few weeks.
VeChain Weekly Price Prediction: Can It Hit $0.03?
CoinCodex researchers paint quite a bearish picture for VeChain (VET). The platform anticipates the asset dipping throughout this week. CoinCodex predicts VET will trade at $0.020 on Oct. 20, 2024, a dip of about 9.09% from current price levels. The platform anticipates VET reclaiming the $0.022 in early November.
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Changelly’s Outlook On VET
Changelly analysts are slightly more bullish on VET than CoinCodex. The platform predicts VET will trade at a maximum price of $0.0252 this month. Hitting $0.0252 from current price levels will translate to a rally of about 13.64%. Despite the bullish outlook, the platform does not clarify the date for the prediction.
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Impact Of US Presidential Election On VET
VeChain (VET) and other crypto assets may witness a surge in inflows over the next few weeks, ahead of the US Presidential election. Investors may price in a Trump victory, which could lead to a market-wide rally. Trump has supported the crypto industry, and many expect lenient regulations if elected.