- VeChain (VET) shows a marginal market response with a 0.32% daily loss despite minor weekly and monthly gains.
- Market data supports an upward correction.
Following a recent decline close to the Bitcoin Halving event, Bitcoin is showing signs of a recovery, surging past the $66,100 mark. However, VeChain (VET) has shown limited response to BTC’s gains, printing a 0.32% loss in its daily charts. Per insights from Coinmarketcap, the weekly and monthly charts recorded a slight increase of 4.65% and 2.55%, respectively.
Per market experts, Bitcoin’s resurgence is attributed to its halving event on April 19, 2024. Halvings are often seen as bullish due to their deflationary effect, potentially driving up demand.
Data from CoinCodex reveals that VET could undergo a correction in the coming week. This price dip would mean VET slipping to $0.038983 by Apr. 30, 2024, reflecting a 9.52% decrease from its current levels. However, the monthly prediction suggests that VET will recover to the $0.043 level by mid-May.
Similarly, Changelly forecasts VeChain (VET) to make minimal movement throughout April, projecting a maximum price of $0.0422. In addition, Changelly anticipates VET to hit a high of $0.0442 in May.
VeChain Analysis: Near-Term Outlook and Long-Term Predictions
While these predictions suggest limited movement for VET in the near term, projections signify the possibility of BTC reaching a new all-time high later in the month. This could catalyze a broader market rally, potentially impacting VET as well. CoinCodex predicts BTC will surpass the $74,000 mark, potentially leading to increased bullish sentiment across the market.
Cryptocurrency analyst Ali Charts paralleled VeChain’s current behavior with its pattern from December 2020. He further stated, “If this pattern holds, $VET might pull back to the channel’s upper boundary at $0.032, potentially setting the stage for a continued bull run!”
#VeChain seems to mirror its price movements from June to December 2020. If this pattern holds, $VET might pull back to the channel's upper boundary at $0.032, potentially setting the stage for a continued bull run! pic.twitter.com/PVkpJZXW34
— Ali (@ali_charts) April 16, 2024
Furthermore, Predictions for 2024 suggest a potential trading range between $0.038731 and $0.162851, per Coincodex. If the upper end of this range is achieved, VET could experience a significant surge of 287.83%. Meanwhile, recent performance metrics indicate that VeChain is 23.26% above its 200-day Simple Moving Average (SMA), which is $0.034020.