VeChain (VET) seems to be following the larger market recovery and is among the few assets that are green across the board. VET is currently the fourth best-performing crypto among the top 100 projects by market cap in the weekly charts, outperforming the likes of Bitcoin (BTC) and Ethereum (ETH). The asset has rallied by 7.5% in the daily charts, 28.4% in the weekly charts, 16.2% in the 14-day charts, and more than 8% over the previous week.
Also Read: VeChain: $1000 Monthly Since 2020 Grows By Almost 100%
The current market recovery could be due to an increase in the open interest of major projects. Bitcoin has reclaimed the $62,000 level, leading to a boost in investor confidence. The chances of Donald Trump winning the US Presidential election may have also played a hand in the market rebounding. Trump has been very supportive of cryptocurrencies, even accepting them for his presidential campaigns.
Will VeChain reclaim the $0.050 level this week?
According to the researchers at CoinCodex, VET will continue to trade at current levels for the rest of this week. The platform anticipates VET’s price to drop to $0.028 on July 22, 2024, before reclaiming its current level in early August.
Also Read: VeChain (VET) Predicted To Hit $1.5: Here’s When
Changelly analysts anticipate VeChain to hit a maximum price of $0.059 in 2024. The platform does not clarify when the asset may reach its $0.05 target though.
Also Read: VET: What Will VeChain’s Value Be Worth in 2026?
VET is an environmentally-focused supply-chain-based project. Being environmentally positive makes the project lucrative for future growth. VET might witness a surge in price in the long run, given its positive environmental outlook. The project also has a lot of collaborations with global firms which may further push VET’s price.
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