- Is VeChain’s recent surge in price and whether it’s a good investment during the ongoing bull run?
- It highlights conflicting opinions from price prediction firms and advises caution before investing in VET due to potential price declines.
VeChain is among the top-performing cryptocurrencies this month as it spiked nearly 75% in the last 30 days. VET delivered handsome profits to investors who took an entry position into the altcoin early this year. The supply chain-based cryptocurrency is currently trading at the $0.04 level and is attracting bullish sentiments in the charts.
The leading altcoin remains in the green for five consecutive days despite Bitcoin and the broader cryptocurrency market cooling down.
VeChain: Should You Buy VET Cryptocurrency This Month in March 2024?
Leading on-chain metrics and price prediction firm CoinCodex remain bearish on VeChain for the rest of March 2024. According to the price prediction, VET could experience a downward trajectory leading to losses for investors. While the losses might not be too harsh, they could be inside the single-digit threshold.
The price forecast for VeChain points towards a loss between 2 to 8% in the next few weeks. Though VET could remain firmly at the $0.04 level, the decimals could change rapidly this month. The least VeChain could reach mid-March is $0.044829, according to the price prediction. Therefore, it is advised to invest in other cryptocurrencies at the moment as the bull run is leading altcoins to deliver double-digit gains. It is advised to do thorough research before taking an entry position into VET currently as all indicators point toward a price decline.
At press time, VeChain was trading at $0.04 and is up nearly 1.5% in the 24-hours day trade. However, VET is down close to 84% from its all-time high of $0.28, which it reached in April 2021.
The Cautionary Tale of Cryptocurrency Investment
Investing in cryptocurrencies, including VeChain, requires careful consideration of various factors. While past performance may indicate future potential, it’s crucial to remember that the cryptocurrency market is highly volatile and unpredictable. Price predictions and on-chain metrics can provide valuable insights, but they are not guarantees of future outcomes.
Before investing in VeChain or any other cryptocurrency, investors should conduct thorough research, evaluate their risk tolerance, and consider their investment goals. Diversification is also key to mitigating risk in volatile markets. While VeChain may present opportunities for profit, it’s essential to approach investment decisions with caution and prudence.
The decision to buy VeChain during the ongoing bull run ultimately depends on individual circumstances and risk appetite. While the cryptocurrency has shown impressive gains in recent weeks, potential investors should weigh the risks and rewards carefully before making any investment decisions.
