The cryptocurrency market has further recovered from its recent dip. Bitcoin (BTC) has reclaimed the $85,000 price point. The global crypto market cap has risen 1.3% in the last 24 hours to $2.9 trillion. VeChain (VET) follows BTC’s trajectory as well. VET is up 2.4% in the daily charts and 10.4% over the previous week. Despite the recent rally, VET is down by 9% in the 14-day charts, 19.6% over the last month, and 31.5% since March 2024.
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Cryptocurrencies Climb As Rates Remain Unchanged
The current market rally could be due to the Fed keeping interest rates unchanged after the latest FOMC meeting. The rate of inflation in the US has dipped in the last month. The Fed still intends to have two rate cuts this year.
The rally could also be investors buying the dip. VET’s low prices may have attracted new investors to the project.
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VeChain (VET) may continue to rally in the coming days if macroeconomic conditions continue to improve. The Fed may begin to cut interest rates soon. The move could lead to a substantial rise in risky investments.
VeChain Predicted To Continue Its Rally
According to CoinCodex, VET will rally over the coming weeks. The platform anticipates the coin to hit $0.047266 on Apr. 20. VET’s price will rally by nearly 80% if it hits the $0.047266 target. CoinCodex does not expect VET’s price to hold above $0.04. The platform predicts the asset’s price to face a correction back to around current levels by late May.
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There is also a possibility that the rally will be slower than anticipated. Macroeconomic headwinds present significant challenges to the crypto market. VET could suffer as a consequence.
