VeChain (VET) Price Analysis: Will the Weekend Bring a Rally or Consolidation?

VeChain (VET) has experienced a slight rebound in the past few days, with a 1.3% increase in the daily charts and a 1.6% rise over the week. Despite this positive movement, the asset is still down by 9.2% in the 14-day charts and 20.4% over the previous month, according to data from CoinGecko.

The recent dip in VeChain’s price over the last 30 days could be attributed to macroeconomic factors such as rising inflation and diminishing expectations of an interest rate cut. Federal Reserve Chair Jerome Powell’s announcement of a policy of higher rates for a longer period has also impacted market sentiment. Additionally, global geopolitical tensions, including Iran’s attack on Israel, have injected fear into the market and led to a significant price correction.

Various price predictions for VeChain (VET) have been made by different platforms. CoinCodex suggests that VET could rise to $0.036 by Sunday, May 12, 2024, representing a growth of about 2.86%. However, the platform anticipates a price fall to $0.033 on May 17, 2024. Changelly, on the other hand, predicts a maximum price of $0.0442 for VET in May 2024, indicating a potential growth of 26.2%.

Despite these predictions, there is a possibility that VET may consolidate around current levels in the near future due to limited market activity. However, a potential rally in Bitcoin (BTC) could cause VET to surge. Additionally, a cooling of inflation in the US or a decision by the Federal Reserve to cut interest rates could boost investor sentiment and lead to a market-wide rally.

Overall, the future trajectory of VeChain’s price remains uncertain, with various factors such as macroeconomic conditions, geopolitical tensions, and market activity influencing its movement. Investors and traders will need to closely monitor these developments to make informed decisions regarding their VET holdings.