VeChain (VET), a prominent blockchain platform focused on supply chain management, has shown a relatively stable performance in the third quarter of 2024. While it experienced a modest 13% surge in the past 30 days, VET has been trading sideways this week, struggling to break above the $0.025 price level.
CoinCodex Predicts a Slight Price Decline
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish outlook for VeChain in October 2024. According to their forecast, VET’s price could remain within its current range but is likely to experience a slight decline. The estimated price by the end of October is $0.0254, representing a 1.5% decrease from the current level.
Based on this prediction, an investment of $1,000 in VET today could potentially turn into $984 by the end of October. Given the bearish outlook, it is advisable to avoid taking a new entry position in VeChain during this period.
Also Read: The European Blockchain IoT Market – Expected To Reach $5 Billion By 2026—VeChain Leads The Charge
Factors Contributing to the Bearish Forecast
The broader market conditions, particularly the typical slowdown in Q4, are expected to weigh on VeChain’s price. While there may be opportunities for short-term gains, the overall trend suggests a potential for losses in the coming weeks.
While VeChain has shown resilience in recent months, the bearish forecast for October 2024 suggests that investors might want to adopt a cautious approach. The potential for a slight price decline and the broader market factors indicate that there may be better investment opportunities elsewhere.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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