VeChain (VET) stalls at $0.03 resistance, but bullish traders watch closely to see if it climbs to $0.05 in June amid rising market momentum
VeChain is experiencing difficulty surpassing $0.030. The asset’s price has declined 5.3% in the past 14 days and 19.7% since May 2024. Despite the adverse market performance, VET has experienced a 0.7% increase in a single day, a 1.6% increase in a week, and a 6.4% increase in the past month.
The crypto market’s recent surge has abated. The cryptocurrency market has experienced a significant increase in recent weeks due to a surge in institutional investments. On May 22, Bitcoin (BTC) reached a new all-time high of $111,814. Subsequently, the initial cryptocurrency experienced a 1.8% decline.
BTC’s rally precipitated a market-wide upswing. VET and other assets followed the upward trajectory of BTC. Since then, the rally has diminished in intensity.
Despite the recent market surge, VeChain (VET) has encountered difficulty gaining momentum. In December of the previous year, the asset increased to $0.077. VET’s price has experienced a progressive and significant decline since December.
Is it possible for VeChain to surpass $0.05 in June?
VeChain (VET) last traded above the $0.05 threshold in January of this year. Over the past few months, the asset has experienced substantial declines.
According to analysts at CoinCodex, VET is expected to exhibit a sideways trend in the upcoming month. According to the platform, the asset is anticipated to trade at a maximum price of $0.030 in June. If the cost of VET reaches $0.030, it will experience a 6.3% increase.
If the Federal Reserve announces an interest rate reduction, the price of VET may experience a surge. President Trump has stated that he wants the Fed to cut rates shortly. Investors may assume additional hazards as a result of an interest rate.
Cryptocurrencies are among the most volatile and hazardous assets. The market could see an upswing if borrowing becomes easier.
VeChain (VET) may also capitalize on the increasing momentum of Bitcoin (BTC). BTC is the market champion, and other assets frequently emulate its trajectory. Another market-wide rally could be initiated by the increasing popularity of Bitcoin (BTC).
