VeChain is presently trading at $0.018, experiencing a nearly 5% decline on Friday. Over the past half-year, VET has consistently remained in negative territory, with minimal fluctuations in its price trends. The cryptocurrency, which is rooted in supply chain technology, witnessed a notable surge only during the first quarter of this year, where its value doubled from January to March.
During this period, VeChain climbed from a low of $0.016 to a peak of $0.032 in March 2023, but subsequently surrendered all of those gains throughout the remainder of the year. As we look ahead to November 2023, the question arises: Can VET reverse this trend and exhibit stronger performance in the market indices? This article will explore the potential high and low trading scenarios for VeChain in the initial days of November.
VeChain (VET) Price Analysis
CoinCodex, a prominent firm specializing in on-chain metrics and price predictions, offers a pessimistic outlook for VET in the upcoming month. As per their price projection, VeChain could potentially hit a target of $0.018351 by November 2, 2023.
This signifies a decline of approximately 3% over the next week. Additional technical indicators further reinforce a ‘sell’ sentiment for VET, as the cryptocurrency continues to attract negative market sentiments. Any hopes of a significant price surge for this supply chain-based altcoin are currently non-existent. In November 2023, it appears that VET may not yield profits for investors and will likely continue its downward trajectory on the charts. Therefore, it is advisable to refrain from entering the VeChain market at this juncture.
The likelihood is higher for the cryptocurrency’s price to dip rather than rise in the market. As of the latest data, VeChain is trading at $0.018, experiencing a nearly 5% drop in the past 24 hours. VET has also witnessed a substantial decline of almost 94% from its all-time high of $0.28, reached in April 2021. It has been 30 months since VET failed to recapture its previous peak and has consistently trended downwards in the market indices.