VeChain (VET) is following the market-wide rally. VET’s price is up by 10.2% in the daily charts, 42.6% in the weekly charts, 23.8% in the 14-day charts, and 23.3% over the previous month. The asset’s price has also risen by 26.6% since November 2023.
Also Read: Dogecoin Price Prediction: Can DOGE Reach $1 This Month?
What’s Pushing The VeChain Rally?
VET’s latest rally follows Bitcoin’s (BTC) rise to a new all-time high of $89,560.95 earlier today.
BTC’s rise, on the other hand, is likely due to Donald Trump winning the US Presidential election. Trump has been very vocal about his support for the crypto sector. According to reports, Trump plans to appoint pro-crypto candidates for the top cabinet positions in key financial agencies. The development may have led to an increase in VET’s inflow.
Also Read: Trump To Appoint Pro-Crypto Candidates for Key Federal Agencies
Investors and market participants likely anticipate lenient crypto regulations under a Trump administration.
Can The Asset Hit 10 Cents This Month?
VeChain (VET) is currently down by over 90% from its all-time high of $0.281. The asset hit its peak in April 2021, over three years ago.
According to CoinCodex analysts, VET will not breach the 10-cent ($0.10) mark anytime soon. The platform anticipates VET to trade at a maximum price of $0.028247 this month. Hitting $0.028247 from current price levels will translate to a rally of about 1.86%.
Changelly analysts do not expect VeChain (VET) to breach the 10-cent mark anytime before April 2028, about three-and-a-half years from now.
Also Read: Dogecoin Rallies 235%: Will DOGE Breach The $1 Mark Soon?
Telegaon researchers are a lot more bullish on VET than others. The platform predicts the asset will breach the 10-cent mark in 2024, predicting a maximum price of $0.15. Despite the bullish forecast, Telegaon does not clarify the month when VET may hit this target.
