VeChain (VET) is trading around the $0.028 mark on Tuesday, down 3% in the day’s trade. This decline continues a difficult year for VET, as its price has mostly headed downhill over the last seven months. Many investors who entered the cryptocurrency this quarter now face losses. However, July 2024 brought some relief as VET shot up 15% in the last 14 days. Investors who took entry positions early this month made decent returns.
But will VeChain maintain its positive streak and deliver similar returns by the end of July 2024? We examine how high or low VET could trade in the charts by the end of the month.
Leading on-chain metrics and price prediction firm CoinCodex paints a bearish picture for VeChain this month. According to their forecast, VET could shed most of its gains and trade in the red. The prediction suggests that VET might fall another 8% from its current price, potentially reaching $0.027.
“According to our VeChain price prediction, VET is forecasted to trade within a price range of $0.029736 and $0.028321 this week,” read the prediction. Thus, taking an entry position into VET currently could lead to losses. It is advised to avoid VeChain as the supply chain-based cryptocurrency is in bearish territory.
Market Alternatives Other Than VeChain
Not much can be expected from VeChain this month as the altcoin remains under bearish grips. Other leading altcoins could deliver better returns than VET. Cryptocurrencies like Bitcoin and Ethereum might offer more substantial gains. ETH ETF trading is set to begin on Tuesday, presenting a timely opportunity for investors. It is better to time the market and capitalize on this event rather than take entry positions into VET.
In conclusion, while VeChain showed promise earlier this month, its outlook for the rest of July remains bleak. Investors might find better opportunities in more stable and promising cryptocurrencies like Bitcoin and Ethereum. Keeping an eye on market trends and making informed decisions will be crucial in navigating the volatile crypto landscape this month.
