VeChain (VET) could face a choppy February if leading on-chain metrics and price prediction firm CoinCodex is to be believed. The firm paints a bearish picture for the token, forecasting a potential dip to $0.26 in the first few days of the month. This represents a roughly 6.5% decline from its current price of $0.27.
Why the VeChain Blues?
CoinCodex bases its prediction on a combination of technical indicators and market sentiment. According to their analysis, VET currently lacks the momentum necessary to break through its current resistance levels. Additionally, broader market uncertainty surrounding the global economic slowdown and ongoing cryptocurrency bear market further cast a shadow over the token’s immediate prospects.
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Will VeChain Reclaim its ATH?
While the February outlook might appear bleak for VET holders, CoinCodex offers a glimmer of hope in the long term. Their analysis suggests that VeChain could potentially make a comeback later in 2024, with a chance of reclaiming its all-time high (ATH) of $0.28 closer to the year’s end. However, this optimism is contingent on several factors, including a potential turnaround in the broader cryptocurrency market and continued strong development and adoption of the VeChainThor platform.
Market Outlook
At press time, VeChain is trading at $0.027 with a 24-hour trading volume of $44.04M. VET is +3.07% in the last 24 hours, with a circulating supply of 72.71B VET coins and a maximum supply of 86.71B VET coins. VET ranks 46 by market cap. However, VET is also down nearly 91% from its all-time high of $0.28, which it reached in April 2021.
Long-term VeChain price prediction for 2025 – 2030
Analyzing the historical price trends of VeChain alongside the BTC halving cycles, experts project a yearly low VeChain price of $ 0.025923 in 2025, demonstrating a potential bottom within the market. Conversely, optimistic forecasts anticipate VeChain’s value to surge, reaching a high of $ 0.108570 in the upcoming year. Extending this analysis, predictions suggest a fluctuating trajectory for VeChain’s price, providing estimates for each year up until 2030.
These projections are based on observed patterns and trends within the cryptocurrency market, offering insights into potential price movements for VeChain in the years to come.
Beyond CoinCodex:
It’s important to remember that CoinCodex is just one of many price prediction firms, and their projections should not be taken as definitive. Always conduct your research and consider the opinions of other analysts before making any investment decisions. Additionally, keep an eye on fundamental factors affecting VeChain, such as partnerships, platform developments, and market adoption, as these can have a significant impact on the token’s price in the long run.
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