VeChain (VET) had a strong beginning in 2023, surging from $0.015 to $0.032 within a few weeks. However, its price started declining after reaching its peak in late February. While it’s up 6.6% since the start of the year, it has fallen by 50% from its highest point in February.
The cryptocurrency project focused on supply chain, VeChain (VET), hasn’t managed to bounce back from its drop. Additionally, there are no indications of a turnaround in its trend. In the last 24 hours, VET has fallen by 3%, and over the past month, it’s down by 9.1%. Looking at the yearly charts, the token has experienced a decrease of 28.8%.
VeChain’s Potential Reversal by October 2023
According to CoinCodex, VeChain (VET) is expected to follow a bearish trajectory for the remainder of this month. The platform forecasts that VET may decline to approximately $0.0152, which is roughly a 5% decrease from its current price. Achieving this price level would erase all the gains made in 2023.
PricePredictions’ machine learning tool aligns with CoinCodex’s prediction, anticipating VET to reach $0.015. The platform also foresees a bearish trend for VET in November, with a potential low of $0.0148 by November 19.
Changelly offers a distinct perspective on VeChain’s price prediction. They suggest that VET might reach as high as $0.021 at some point in October 2023, although the exact timing remains unclear. Furthermore, they anticipate a positive outlook for VET in November.
While short-term gains for VET may not look promising at the moment, there’s potential for substantial long-term rewards. The project is actively engaged in environmental and climate change initiatives, which could lead to significant growth for the token in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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