The cryptocurrency market is experiencing mixed signals as Bitcoin (BTC) regains momentum after a recent slump. While BTC triumphantly reclaims the $66,000 mark, seemingly fueled by its April 20th halving event, altcoins like VeChain (VET) appear to be taking a wait-and-see approach.
Despite the bullish sentiment surrounding Bitcoin’s halving, historically known to limit supply and potentially drive demand, VeChain (VET) hasn’t mirrored the upward trend. VET currently displays no change on daily charts and has dipped by 8.2% and 6.3% on the weekly and 14-day charts, respectively.
Price Predictions for VET Remain Cautious
Analysts are cautious regarding VET’s immediate future. CoinCodex predicts a potential correction this week, with VET reaching $0.038983 by April 30th, a 9.52% drop from current levels. However, they offer a glimmer of hope, suggesting a rebound to $0.043 by mid-May. Changelly aligns with this sentiment, anticipating a maximum price of $0.0422 for VET in April, potentially reaching $0.0442 in May.
A crucial factor influencing VET’s price trajectory could be Bitcoin’s next move. CoinCodex predicts BTC surpassing the $74,000 mark this week, potentially triggering a market-wide rally. In this scenario, VET could experience a significant upswing, possibly even reaching a new high.
Also Read: VeChain’s New SDK: Empowering Developers for a “Better World” Blockchain Future
Technical Analysis Hints at a Potential Pullback
Cryptocurrency analyst Ali Charts identifies a pattern similar to VeChain’s December 2020 movement. If this pattern holds, VET might undergo a pullback to around $0.032 before a potential surge to $0.08.
While VeChain (VET) hasn’t immediately responded to Bitcoin’s rise, analysts predict a potential correction followed by a rebound in the coming weeks. However, a significant factor to consider is Bitcoin’s next move. If BTC reaches a new all-time high, it could trigger a market-wide rally, potentially propelling VET to new heights. With technical analysis suggesting a possible pullback before a surge, VET investors might adopt a cautious yet optimistic approach in the short term.
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