VeChain is currently hovering around the $0.033 mark in the indices on Monday and mostly remains on the back foot. VET has barely increased in price in the last 30 days and is testing the patience of cryptocurrency investors.
The leading supply chain-based cryptocurrency has nearly spiked 70% in Q1 of 2024 on the heels of the Bitcoin halving event. Since then, VeChain has only been heading south and shed most of the gains that it delivered this year.
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Now that VET has hit a new monthly low, can it rebound and rally in the charts delivering profits to investors? In this article, we will highlight if investing in VeChain is the best option or the worst decision in June 2024.
VET: Should You Buy VeChain in June 2024?
Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for VeChain. The forecast indicates that VET will experience more downside this month in June 2024 leading to further losses to investors.
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According to the price prediction, VeChain could dip by another 3% by the end of June 2024. Also, all technical indicators point towards the ‘sell’ option for VET. In addition, the cryptocurrency is 70% bearish and only 30% bullish in the technical indicators.
Therefore, taking an entry position into VET in June 2024 is a bad idea as it could incur losses to investors. It is advised to stay away from taking an entry position into VeChain currently as it has more downside chances.
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Bitcoin is trading near the $69,000 mark on Monday and if it scales up further in the charts, leading altcoins including VeChain could begin to rally. However, the chances of a sudden spike in price remain relatively low due to macroeconomic conditions. It is advised to trade at your own risk this month in June 2024.
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