VeChain (VET) seems to be following the larger market rebound, rallying 3.1% in the last 24 hours and 5.7% over the previous month. The asset continues to glow red in the weekly and 14-day charts, dipping 4.5% and 8.4%, respectively.
Also Read: VeChain: $1000 Monthly Since 2020 Grows By Almost 100%
The recent resurgence could be due to Bitcoin (BTC) reclaiming the $69,000 level and inching closer to $70,000. BTC’s rally is likely fuelled by Donald Trump’s recent speech at the 2024 Bitcoin conference. Many have speculated that Trump could set up a Bitcoin Reserve Policy if he is elected into office. The chances of Trump reclaiming the Oval Office have also increased after the assassination attempt on his life.
How high can VeChain go in August 2024?
According to the researchers at CoinCodex, VET will experience a price dip at the beginning of August, falling to $0.026 on Aug. 5, 2024. The platform anticipates VET’s price to climb to around $0.029 by mid-August before dipping again to around $0.027 in the latter half of the month.
According to an X post by crypto analyst “Crypto Yapper,” VET could surge to $0.05. Hitting $0.05 from current price levels would entail a rally of about 78.5%.
Also Read: VET: What Will VeChain’s Value Be Worth in 2026?
According to PrimeXBT, VeChain could hit a maximum price of $0.18 in 2024. Reaching $0.18 from current levels would translate to a rally of nearly 543%.
The SEC recently approved Ethereum ETFs for trading. If we witness an increase in inflows into ETH-based investment vehicles, we may see a market-wide rally for other altcoins. In such a scenario, VET’s price may also witness a surge. There is also a possibility of an interest rate cut later this year which may push investors into riskier assets, such as crypto. This development could also aid VET’s price.
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