VeChain (VET) seems to be making a recovery after the recent market dip. The asset has rallied 2.2% in the daily charts and 0.2% in the 14-day charts. Despite the recovery, the asset is down by 5% in the weekly charts, 35.4% in the monthly charts, and 23% since February 2024.

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VeChain VET price chart
Source: CoinGecko

Cryptocurrencies Gain Traction

vechain vet
Source: Zipmex

VET is following the current market resurgence. Bitcoin (BTC) has reclaimed the $98,000 price level. The global crypto market cap has risen to $3.36 trillion. We may witness another bullish leg for the crypto market in the coming weeks.

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The recent dip was likely due to Libra coin. The project was accused of insider trading. Investor sentiment took a dip after the coin’s launch. VET and other assets suffered as a consequence of the incident. The whole debacle is now being called “Libragate.”

VeChain Predicted for 23% Price Movement

According to prominent crypto analyst, Ali Martinez, VeChain (VET) could rally 23%. The asset could hit $0.039. The analyst has not clarified when the asset could make the predicted move.

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According to Changelly, VET could rise to $0.047 in the next few months. The asset will rally by 46.8% if it hits the $0.047 target.

VET price prediction
Source: Changelly

VeChain (VET) could also face another correction in the coming weeks. Macroeconomic factors could also present an obstacle to the crypto market. The Federal Reserve may announce an interest rate cut soon if inflation in the US goes down. Riskier investments may increase as a result of a rate cut. VET might rally in response to such a scenario. The crypto market could witness another bullish leg over the next few months if economic conditions improve.

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  • VeChain