Earlier this year, VeChain experienced a significant price increase, surging from a low of $0.015 to a peak of $0.032. This represented a growth of over 100% between January and March, making it one of the standout performers in the cryptocurrency market. However, during the second and third quarters of 2023, this blockchain network’s performance was lackluster, erasing all its previous gains and returning to the price levels it had in the first quarter.
With VeChain currently trading with a less favorable outlook, the question arises: can this supply chain-oriented cryptocurrency reverse its fortunes in October? In this article, we will explore the potential high and low trading scenarios for this blockchain platform by the end of October 2023.
Mid-October 2023: VeChain Price Anticipation
Prominent on-chain metrics and price forecasting entity, CoinCodex, has painted a bearish scenario for VeChain in October 2023. As of now, this blockchain platform is valued at $0.016, and the cryptocurrency has been consistently on a downward trajectory. The forecast indicates that VET is likely to experience further declines in the coming two weeks, resulting in losses.
According to the price prediction, VeChain may dip to $0.015 by the conclusion of October 2023, representing a decline of almost 7% from its current price over the next fortnight. Therefore, it is advisable to exercise caution when considering investments in VeChain at this time, as the cryptocurrency could continue to face further downturns. The ongoing conflict in the Middle East is exerting additional pressure on the markets, leading to investors divesting their holdings.
At the time of writing, VeChain was trading at $0.016, reflecting a decline of nearly 1.5% in the last 24 hours. Furthermore, VET has receded by close to 95% from its all-time high of $0.28, which it reached in April 2021. It has been a span of 30 months since VeChain last saw its former glory and its trajectory continues to trend downward in the indices.