The cryptocurrency market could be coming into a consolidation part as Bitcoin (BTC) continues to hover under $57,000. VeChain (VET) has made a 1.6% restoration within the final 24 hours however is down by 7.9% within the weekly chart, 13.6% within the 14-day charts, and almost 5% over the earlier month.
Regardless of the present dip, the asset has rallied 35% since September 2023. This worth prediction article will discover how excessive VET can go over the approaching weekend.
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VET Weekend Price Prediction
In accordance with CoinCodex analysts, VeChain (VET) will dip over the subsequent few days. The platform predicts the asset will hit $0.02043 on Sunday, Sept. 8, 2024.
Reaching $0.02043 from present ranges will translate to a fall of about 2.67%. CoinCodex anticipates VET to rise to the $0.021 stage by the final week of this month.
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Changelly researchers anticipate VeChain (VET) to hit a most worth of $0.0250 in September. The platform, nonetheless, doesn’t clearly state the date. Hitting $0.0250 from present ranges will translate to a rally of about 19%.
Why Is The Asset Struggling?
September has traditionally been a bearish month for the crypto business. VET’s present woes are seemingly resulting from Bitcoin’s (BTC) dip to sub $57,000 ranges. A bearish environment looms over the crypto market, with most property taking a success.
Many individuals purchased BTC throughout its March excessive. These buyers have taken a success over the previous couple of months, resulting in a selloff.
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The Federal Reserve has introduced rate of interest cuts beginning this month. This improvement might result in a surge in dangerous property and a rebound within the cryptocurrency market.