In 2024, Vechain (Vet) rose to a peak of $0.0777 on December 4th. Since its December high, the price of the asset has fallen 73.23%. Veterinarians continue to struggle to gain momentum. This asset is down 2.2% on daily charts, 5% on weekly charts, 6.3% on 14-day charts, 13.8% on monthly charts, and 22.9% since June 2024.
Can Vechain replicate the December rally again?
Veterinarians’ December 2024 rally could have been due to a surge in the overall market. Bitcoin (BTC) was leading the market in December. Investors are likely to be banning Donald Trump from winning the US presidential election. Trump’s pro-crypto pledge could have resulted in veterinarians reaching a $0.077 peak.
The crypto market is currently facing considerable uncertainty. Trade wars and global geopolitical tensions may have scared investors out of dangerous assets. The Federal Reserve decision to keep interest rates from changing could have led Vechain (Vet) faced DIP.
Cincodex analysts don’t expect Vechain (Vet) to make a big move anytime soon. The platform predicts veterinarians will rise to $0.0278 on August 31st. At $0.0278 from the current price level, you’ll need a gathering of around 33.6%.
Given the current market environment, Vechain (VET) is unlikely to break the $0.077 mark anytime soon. If the Federal Reserve cuts interest rates, assets could experience a major price surge. President Trump has been laughing at Federal Reserve Chairman Jerome Powell because he has not cut interest rates before. Trump repeatedly asked Powell to cut US interest rates, making borrowing easier.
Veterinarians can also benefit from a more stable crypto market. The Israeli-Iran conflict has caused great fear for investors. The ceasefire then introduced some degree of stability into the market. Cryptocurrency saw a small gathering last week. The market appears to be consolidated at the moment.
