VeChain (VET) is showing signs of breaking out again, rallying 2.9% within one hour and 2.1% in the last 24 hours. Nonetheless, the asset is still down 6.5% in the weekly charts and 10.8% over the previous month. However, despite the recent correction, VET has maintained some of its gains and is up 77% since April 2023.
Also Read: VeChain: How High Will VET Trade In April 2024?
With Bitcoin’s (BTC) halving just around the corner, there is a possibility that VET will gain momentum and break out of its current resistance.
VeChain (VET) weekly price prediction
According to CoinCodex, VET may witness a price decline this week. The platform anticipates the asset to fall to $0.038615 by next Monday, Apr. 16, 2024. Reaching $0.038615 from current levels would translate to a decline of about 10.4%. However, CoinCodex anticipates VET to climb back to current levels by the end of the month.
Also Read: VeChain: Analyst Identifies Pattern That Could Push VET To $1
Changelly, on the other hand, predicts VeChain (VET) to hit a maximum price of $0.0438 in April. However, since VET is already trading at $0.043, it could mean that prices may head down from here.
However, there is a possibility that VET could surge later this month, fuelled by Bitcoin’s (BTC) halving. Many analysts consider halvings bullish as they reduce the supply of an asset. If BTC reclaims its all-time high of $73,737, it may trigger a market-wide rally. A BTC rally could lead to VeChain (VET) soaring, as we saw in March.
Also Read: Cryptocurrency: Top 3 Crypto Coins Slated To Deliver Top Returns Post Bitcoin Halving
Nonetheless, there is also a possibility that the BTC halving will be a “sell-the-news” event, leading to minimal market movement. Such a scenario could mean that VET will continue to be bearish for the foreseeable future.