VeChain (VET) is following the general recovery trend of the crypto market, gaining 4.3% on the daily charts, 3.4% on the weekly charts, and 6% on the 14-day charts. According to recent price predictions, VET could reach new heights!
Despite the rally, VET continues to glow red on the monthly charts, down 22.1% month-on-month.
Let us examine how VET might perform at the end of this month in this price prediction.
Why is the market recovering?
The crypto market is experiencing another rally, with Bitcoin (BTC0) reclaiming the $60,000 mark. The market recovery could be attributed to the increased investor sentiment and falling inflation numbers in the US. Although the Federal Reserve has not officially announced a rate cut yet, many investors and traders are expecting one by September.
Also read: VeChain Price Prediction: How High Can VET Go in August 2024?
VET price forecast August-end 2024
According to CoinCodex’s price prediction, VeChain (VET) will continue to trade around current levels for the next few days before falling to $0.022 on August 31, 2024. The platform expects VET to recover over the next month and reach $0.024 in the first week of September.
Also read: VeChain: Can $1,000 worth of VET make you a millionaire by 2030?
Changelly predicts that the maximum price of VET will be $0.026 in August 2024. Unfortunately, the platform does not provide any information on when this value might be reached.
VeChain (VET) could rise more than expected if a few factors come to pass. First, the overall market sentiment has to be good. BTC is regaining ground and investor sentiment seems to be slowly moving towards “greed”. A market rally will help the price of VET significantly.
Second, the announcement of a rate cut by the US Federal Reserve would boost investor confidence and attract more capital to risky assets such as cryptocurrencies.
