VeChain (VET) has recovered 1.9% in the last 24 hours. The asset is also up by 0.4% in the monthly charts and 39% since October 2023. Despite the rally, VET’s price is still down by 4.6% in the weekly charts and 8.2% in the 14-day charts. In this price prediction article, let’s discuss how high the asset can go this week.
Also Read: What Time Does Walmart Customer Service Close?
VeChain’s Market Momentum And Future Predictions
VET’s latest rally follows Bitcoin’s (BTC) upward momentum, which may have introduced some positive investor confidence in the crypto market. Analysts anticipate a market-wide rally if Donald Trump returns to the Oval Office.
The US Presidential elections are due on Nov. 5, 2024, and market participants may be taking positions. Many anticipate a Trump return in 2024, which may lead to increased investments in crypto assets over the next few weeks.
VeChain Weekly Price Prediction: Can It Hit $0.03?
CoinCodex researchers paint quite a bearish picture for VeChain (VET). The platform anticipates the asset dipping throughout this week. CoinCodex predicts VET will trade at $0.020 on Oct. 20, 2024, a dip of about 9.09% from current price levels. The platform anticipates VET reclaiming the $0.022 in early November.
Also Read: Add USDT to MetaMask
Changelly’s Outlook On VET
Changelly analysts are slightly more bullish on VET than CoinCodex. The platform predicts VET will trade at a maximum price of $0.0252 this month. Hitting $0.0252 from current price levels will translate to a rally of about 13.64%. Despite the bullish outlook, the platform does not clarify the date for the prediction.
Also Read: Dogecoin May Break Yearly Highs “Any Moment Now”-Per Analyst
Impact Of US Presidential Election On VET
VeChain (VET) and other crypto assets may witness a surge in inflows over the next few weeks, ahead of the US Presidential election. Investors may price in a Trump victory, which could lead to a market-wide rally. Trump has supported the crypto industry, and many expect lenient regulations if elected.
