VeChain (VET) is currently trading at $0.021 and is mostly trading sideways in the charts. The lackluster performance has made the altcoin attract bearish sentiments, and its trading volume has dipped to $33 million. Donald Trump’s victory on Wednesday caused the stock and cryptocurrency market to rally, and Bitcoin hit an all-time high of $76,243. Leading cryptocurrencies like XRP and Solana jumped double-digits, and meme coins such as Dogecoin and Shiba Inu surged higher than altcoins.
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Source: CoinGecko
However, VeChain moved at a snail’s pace even when the markets were pumping after the US election results on Wednesday. VET barely saw a spurt in price, indicating that the bearish sentiments are here to stay. In this article, we will highlight how high or low VET could trade this month when the markets are up.
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VeChain (VET) Price Prediction
Source: Image Credit: Romolo Tavani / Shutterstock.com / azocleantech.com
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain. According to the price prediction, VET could remain trading sideways in the next four weeks with little to no price action. The forecast estimates that the maximum VeChain could reach in the next four weeks is $0.022. That’s a jump of 1-Cent from its current price of $0.021 and is an uptick and return on investment (ROI) of approximately 2.77%.
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Source: CoinCodex
A return of nearly 2% is low as exchanges charge withdrawal fees in the lines of 2% to 3%. Therefore, earning profits becomes a challenge, and the scale of returns is too low to digest. “Forecasts for November suggest a shift of the market trend, with a potential price increase to $ 0.022. Investors may witness a potential gain of 2.98% if they decide to buy VET at current prices and sell it at predicted rates,” read the price prediction.
Also Read: Cardano: ADA Forecasted to Spike 18% in November 2024
In conclusion, it is advised to steer clear from VeChain and invest in altcoins that are performing well. For instance, Cardano’s ADA is predicted to surge double-digits this month. Read here to know the revised price target for ADA for the end of November 2024.
