VeChain achieved its highest-ever value at $0.281 in April 2021 during the peak of a bullish market. Subsequently, VET experienced a decline in value as the markets transitioned into a bearish phase from 2022 until 2024. The supply chain-oriented cryptocurrency has been consistently decreasing, showing no signs of recovery over the past 30 months.
This extended downturn is challenging the patience of investors, as VeChain continues to incur losses with minimal or no gains. With the cryptocurrency market gaining positive momentum, fueled by speculations about a Bitcoin ETF approval by the SEC, there is curiosity about whether VeChain can recover and reach its previous all-time high of $0.28 in 2024. This article will explore the potential for VET to surpass its ATH in the coming year.
VeChain’s Bullish Ascent: Can VET Surge to $0.28 and Beyond in 2024?
CoinCodex, a leading firm specializing in on-chain metrics and price projections, has outlined a less optimistic future for VET in 2024 and beyond. The firm’s analysis indicates that VeChain could encounter obstacles in surpassing its all-time high (ATH) of $0.28 in the current year, 2024. The forecast puts forth the notion that the maximum price VET might achieve in the years 2024 and 2025 is approximately $0.12, a significant deviation from its ATH.
Furthermore, the estimate proposes that the nearest point VET could approach its ATH is projected to be $0.27 in the year 2029, indicating a substantial five-year timeframe from the present, introducing a notable duration for potential market fluctuations.
In summary, the likelihood of VeChain surpassing its ATH of $0.28 in 2024 and 2025 appears low, and the prospect of breaking beyond this threshold throughout the current decade seems improbable. As of the latest available information, VeChain is currently trading at $0.032, reflecting an almost 7% increase in the past 24 hours. Despite this recent uptick, VET continues to experience a considerable decline of around 89% from its peak of $0.28 achieved in April 2021. The projections by CoinCodex underscore a challenging trajectory for VeChain, emphasizing the need for careful consideration by investors in light of the predicted market dynamics.