- VeChain (VET) is showing mixed performance in August 2024, with a recent rebound but a 22.1% drop in monthly gains.
- Predictions suggest a potential dip to $0.022 by month-end, with a possible recovery in early September, depending on overall market sentiment.
VeChain (VET) has joined the broader crypto market’s rebound, showing positive momentum on the daily, weekly, and biweekly charts. Currently, VET is up by 4.3% in daily gains, 3.4% weekly, and 6% over the last 14 days. However, the monthly picture tells a different story, with the token down by 22.1% over the past 30 days. So, what can we expect for VET as August 2024 draws to a close? Let’s explore the current predictions.
Crypto Market Overview: Setting the Stage
The crypto market has entered a new bullish phase, largely driven by Bitcoin (BTC) reclaiming the $60,000 mark. This resurgence is primarily attributed to improved investor sentiment, fueled by decreasing inflation rates in the US. Although the Federal Reserve has yet to announce an official interest rate cut, there’s widespread speculation that such a move could happen by September. This optimism is flowing across the crypto space, benefiting altcoins like VET.
VET Price Prediction for August-End 2024
According to CoinCodex, VeChain is expected to hover around its current price levels before dipping to $0.022 by August 31, 2024. However, recovery is anticipated in early September, with the platform forecasting a rebound to $0.024.
On the other hand, Changelly provides a slightly more optimistic outlook, predicting a potential peak of $0.026 for VET in August 2024. However, the timing for this peak remains uncertain, leaving room for different market scenarios.
Factors That Could Drive a Stronger Rally
While predictions are cautious, several factors could push VET beyond expectations. Firstly, overall market sentiment plays a crucial role. With Bitcoin’s resurgence and the growing shift toward “greed” in the crypto sentiment index, a sustained market rally could significantly boost VET’s price. As the broader market gains momentum, VET might ride the wave higher.
VET’s price action for late August 2024 looks mixed, with a slight dip expected before a potential recovery. However, a continued market rally or favorable macroeconomic conditions could see VeChain surprise to the upside. Investors should keep an eye on market sentiment and Bitcoin’s performance as key indicators for VET’s next move.
