The cryptocurrency market is recovering from the recent crash. Cryptocurrency markets recorded the most significant single-day liquidation in history. VeChain (VET) is also tracking the overall market recovery. According to CoinGecko’s VET data, the price of VET has increased by 9% in the past 24 hours. Despite the pullback, the asset is still trading in the red zone on other time frames. VET is down 16.9% in the last week, 13.2% on the 14-day chart, 25.3% month-over-month, and 15% since October 2024. However, VeChain (ET) is likely to record significant price increases in the coming weeks. Let’s talk.
VeChain price predicted to increase by another 31%
October has historically been a bullish month for the crypto market. The beginning of October appears to have turned bearish, contrary to historical patterns. The situation is likely to improve in the coming weeks. VeChain (VET) and the larger cryptocurrency market faced a major correction due to the trade dispute between the US and China. Both countries appear to be making progress in their respective talks. The virtual currency market may stabilize following new developments.
VeChain (VET) could also rise if the Federal Reserve announces further rate cuts. The Fed is likely to cut rates by another 25 basis points after its next meeting. If interest rates fall further, we could see further market-wide gains.
According to CoinCodex analysts, VeChain (VET) will experience a sustained rise over the coming weeks. The platform expects VET to reach $0.0255 on December 1st. Reaching $0.0255 from current price levels would represent an increase of over 31%.
There is a possibility that things will not go as planned. The cryptocurrency market and the global macroeconomic situation remain extremely fragile. Slower economic growth and trade disputes could create new challenges for VeChain (VET) price.
