Skip to content
Crypto News Focus logo CNF_CRYPTO_NEWS_FOCUS_LOGO 8

Crypto News Focus

your day to day crypto news site

Primary Menu
  • Home
  • News
    • Bitcoin News
    • Ripple XRP news
    • Ethereum News
    • Cardano News
    • Shiba Inu News
    • Pi Network News
    • More
  • Analysis
  • PR Desk
  • About Us
  • General Policy & Privacy
  • Guides
    • Bitcoin Guides
    • Pi Network Guide
    • Cardano Guide
  • Politics
  • Tech
  • Home
  • News
  • VeChain (VET) Under Pressure: What to Expect in Early June 2024
  • News

VeChain (VET) Under Pressure: What to Expect in Early June 2024

Jane Kariuki 31 May 2024
VeChain on space
  • VeChain (VET) faces short-term challenges amid a slumping cryptocurrency market, with predictions indicating a potential low of $0.032 before recovering to $0.036 by mid-June.
  • Despite the downturn, VeChain’s strategic partnership with the Shanghai Environment Exchange and differing bullish forecasts suggest a promising long-term outlook.

The cryptocurrency market seems to be entering another slump as Bitcoin (BTC) briefly fell below the $68,000 mark. The global crypto market cap also fell to $2.68 trillion. This lackluster market environment could be due to Mt. Gox’s recent transfer of $9 billion worth of BTC, initiating its repayment process to creditors who lost funds in the 2014 hack. This move has sparked fears of a potential sell-off, affecting various other assets, including VeChain (VET).

VeChain (VET), which has been a notable performer in the crypto space, has not been immune to the recent downturn. The asset is down by 2.1% in the daily charts, 2.9% in the weekly charts, 1.9% in the 14-day charts, and 4.2% over the previous month. Despite this recent dip, VET has managed to maintain impressive gains from the past year, rallying 67.4% since late May 2023. This resilience suggests that while short-term fluctuations are common, the long-term potential remains strong.

Future Predictions: A Mixed Bag of Forecasts

Looking ahead, CoinCodex anticipates VeChain (VET) to hit a low of $0.032 in the first week of June. This prediction points to a cautious outlook, with the platform expecting some initial struggle before a potential rebound. By mid-June, CoinCodex forecasts VET to gain momentum, reaching $0.036 by June 17, 2024. This gradual recovery indicates that while the immediate future may seem uncertain, there is a belief in the asset’s ability to bounce back.

On the other hand, Changelly presents a more bullish perspective on VET. The platform predicts a maximum price of $0.0464 in June. Should this optimistic forecast come to fruition, it would represent a significant growth of about 33.1% from current levels. This contrasting view highlights the varying opinions within the crypto community, reflecting both cautious optimism and bullish enthusiasm.

Additionally, VeChain (VET) has been making strategic moves to strengthen its position in the market. Recently, VeChain announced a partnership with the Shanghai Environment Exchange to bring significant development and innovation to carbon emission management solutions. This collaboration is a testament to VeChain’s commitment to leveraging blockchain technology for real-world applications. In a positive market environment, such developments could provide a substantial boost to VET’s price.

While VeChain (VET) faces short-term challenges, its long-term prospects remain promising. The mixed forecasts from CoinCodex and Changelly underscore the unpredictable nature of the crypto market. However, VeChain’s strategic initiatives, like its partnership with the Shanghai Environment Exchange, could play a crucial role in driving future growth. Investors should keep a close eye on market trends and developments as they navigate the volatile yet potentially rewarding world of cryptocurrency.

Continue Reading

Previous: Pepe Coin Surges 3X in Trading Volume Following All-Time High Plunge
Next: Ethereum (ETH) ETF on the Horizon: BlackRock’s Strategic Filing Update

Related Stories

Monero XMR Highlight_simple_compose
  • Analysis

Monero XMR Is Heating Up Aiming $500 Now After Bullish Surge

Simon Njenga 3 June 2025
shiba inu
  • Analysis

Shiba Inu’s Massive Token Burn Sparks Hopes for 500% Price Rally

Jane Kariuki 3 June 2025
dogecoin on marbles
  • Analysis

Dogecoin Under $0.25: Smart Buy or Risky Bet?

Dennis Gatheca 3 June 2025

For general inquiries, please email us at Info@cryptonewsfocus.com

Crypto news focus is your day-to-day crypto news site. Get all the latest News and trends in the crypto, blockchain, and DeFi space. For more info and inquiries, reach out via email at info@cryptonewsfocus.com

You may have missed

Monero XMR Highlight_simple_compose
  • Analysis

Monero XMR Is Heating Up Aiming $500 Now After Bullish Surge

Simon Njenga 3 June 2025
shiba inu
  • Analysis

Shiba Inu’s Massive Token Burn Sparks Hopes for 500% Price Rally

Jane Kariuki 3 June 2025
dogecoin on marbles
  • Analysis

Dogecoin Under $0.25: Smart Buy or Risky Bet?

Dennis Gatheca 3 June 2025
Litecoin coins
  • Guide

How to Keep Your Litecoin Secure with Simple Safety Tips

Jane Kariuki 3 June 2025

Social Media

Crypto News Focus © All rights reserved | MoreNews by AF themes.
Go to mobile version
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok