The cryptocurrency market might be entering a consolidation phase as Bitcoin (BTC) continues to hover below $57,000. VeChain (VET) has made a 1.6% recovery in the last 24 hours but is down by 7.9% in the weekly chart, 13.6% in the 14-day charts, and nearly 5% over the previous month.
Despite the current dip, the asset has rallied 35% since September 2023. This price prediction article will explore how high VET can go over the coming weekend.
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VET Weekend Price Prediction
According to CoinCodex analysts, VeChain (VET) will dip over the next few days. The platform predicts the asset will hit $0.02043 on Sunday, Sept. 8, 2024.
Reaching $0.02043 from current levels will translate to a fall of about 2.67%. CoinCodex anticipates VET to rise to the $0.021 level by the last week of this month.
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Changelly researchers expect VeChain (VET) to hit a maximum price of $0.0250 in September. The platform, however, does not clearly state the date. Hitting $0.0250 from current levels will translate to a rally of about 19%.
Why Is The Asset Struggling?
September has historically been a bearish month for the crypto industry. VET’s current woes are likely due to Bitcoin’s (BTC) dip to sub $57,000 levels. A bearish atmosphere looms over the crypto market, with most assets taking a hit.
Many people bought BTC during its March high. These investors have taken a hit over the last few months, leading to a selloff.
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The Federal Reserve has announced interest rate cuts starting this month. This development could lead to a surge in risky assets and a rebound in the cryptocurrency market.
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