VeChain (VET), the leading supply chain-focused cryptocurrency, has been struggling lately. Currently hovering around $0.033, VET has seen minimal price movement in the last month, testing investor patience. This begs the question: is now the right time to invest in VeChain, or should you wait for a better opportunity?
A Strong Start, Followed by a Downturn
Earlier this year, VET rode the Bitcoin halving wave, surging nearly 70% in Q1 2024. However, since then, it’s been a steady decline, erasing most of those gains. This recent slump has even pushed VET to a new monthly low.
Leading on-chain metrics firm CoinCodex isn’t offering much hope for VET in the short term. Their forecasts predict a further price drop of around 3% by the end of June, translating to more losses for investors. Technical indicators seem to agree, with a strong bearish sentiment (70%) outweighing bullish signals (30%). This suggests that entering the market with VET right now might be a risky move.
Bitcoin’s Influence and the Macroeconomic Landscape
While a surge in Bitcoin’s price (currently around $69,000) could potentially trigger a rally in altcoins like VeChain, macroeconomic factors make a sudden spike seem unlikely.
Also Read: VeChain Unveiled Sustainability Tech at AWS Summit: VeCarbon Set to Revolutionize Carbon Management
The Verdict: Hold Off on VET (For Now)
Based on current market conditions and expert analysis, taking an entry position with VeChain in June 2024 might not be the best decision. The potential for further downside and the bearish technical outlook suggest waiting for a more favorable moment.
The cryptocurrency market is inherently volatile, and predictions can be wrong. This article provides a snapshot of the current situation but shouldn’t be taken as financial advice. Always conduct your own research before making any investment decisions.
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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