Will VeChain (VET) reach a 40% rally before the end of the month?

Is it possible that, despite the drop, Vechain (VET) will achieve a 40% upside from its current price by the end of the month? Against an obvious negative answer, several people in the cryptocurrency community dare an affirmative answer. Yet there are many reasons to doubt that this is even possible.

State of the market: VET down 10% in 24 hours

The stock market and the cryptocurrency market experienced an almost identical movement this week: first a brief recovery before the relapse. VeChain (VET) was not immune to this general movement: in 24 hours, the price of VeChain (VET) fell by 10% after a short reprieve, having followed the statement of the Fed.

Despite its drop announced above, many investors remain confident in VET, the CoinMarketCap cryptocurrency community expresses great confidence in the price of the token, predicting that VeChain will trade at $0.06589 by now. at the end of May 2022.

Specifically, the forecast price indicates an increase of $0.01906 or 40.72% from the current value of the asset, based on 2,295 votes.

Somewhere else, the votes of 1,042 community members for the end of June came up with a slightly lower forecast than for May, estimating that the coin which offers a tracking solution integrating blockchain and smart chip technology for tracking individual products would trade at 0, $06524 + $0.01831 (+39.01%) from the current price.

VeChain Price Analysis

Currently, VeChain is trading at $0.04688, down 11% on the day and 8.31% in the past week. According to statistics from CoinMarketCap, its market capitalization is $3 billion.

VeChain signed a partnership with Alchemy Pay on April 27, a cryptocurrency payment system, to accept payments at more than two million points of sale worldwide.

VET tokens can be used to pay for real-world products and services using Alchemy Pay’s platform, where transactions cost less than a penny and can be completed instantly.

In March, Vechain CEO and Founder Sunny Lu said in a press release that VET’s partnership with Alchemy Pay aims to improve its usefulness as a payment method and the rate of its adoption.

Integrating VET into Alchemy Pay’s cryptocurrency payment system is important to further expand real-world use cases for VET as a form of payment“. He adds : ” By enabling the use of consumer payment standards like Visa, Mastercard and Paypal using Alchemy Pay, consumer adoption of VET will increase by enabling direct access, bypassing the complications of crypto that can be an obstacle for many new users. »

Ultimately, whether or not these developments impact the price of the asset, as the crypto community believes, and how they play out by the end of the month, will largely depend on the rest. of the market and the capacity of the bulls of the bitcoin to regain its footing.

Source : finbold.com

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Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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Will VeChain (VET) reach a 40% rally before the end of the month?

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