VeChain (VET) is showing signs of recovery following a recent market dip, with the asset rallying 2.2% in the daily charts and 0.2% in the 14-day charts. Despite this positive movement, VET is still down by 5% in the weekly charts, 35.4% in the monthly charts, and 23% since February 2024.
The recent market resurgence, with Bitcoin (BTC) reclaiming the $98,000 price level and the global crypto market cap rising to $3.36 trillion, has provided a boost to VET and other cryptocurrencies. Analysts are predicting a potential bullish leg for the crypto market in the coming weeks.
However, the recent dip in the market was attributed to the controversy surrounding Libra coin, which was accused of insider trading. This incident led to a decrease in investor sentiment and negatively impacted assets like VET, resulting in what is now being referred to as “Libragate.”
Despite these challenges, prominent crypto analyst Ali Martinez has predicted a 23% price movement for VeChain, with the asset potentially hitting $0.039. Additionally, Changelly forecasts that VET could rise to $0.047 in the next few months, representing a 46.8% rally if the target is reached.
Looking ahead, VET could face another correction in the coming weeks, especially if macroeconomic factors come into play. The Federal Reserve’s potential announcement of an interest rate cut in response to decreasing inflation in the US could impact riskier investments and potentially lead to a rally in VET.
Overall, the future of VeChain and the broader crypto market remains uncertain, with potential for both positive and negative price movements depending on various external factors. Investors will be closely monitoring developments in the coming weeks to see how VET and other assets respond to changing market conditions.