VeChain’s (VET), the cryptocurrency, has seen a steep price drop today. Assets are down by 20% on the daily charts and 21.3% on the weekly charts. They’re also down 31.1% over 14 days, as well as 33.2% from the last month. VET is still up 18% in the past year, despite the correction.
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Why has the crypto currency gone down?
VET’s latest correction follows Bitcoin’s (BTC) fall to $95,000. Global crypto market capital has dropped 9.1% to $3.24 billion in the past 24 hours.
VeChain(VET) is following the downward trend of the markets. The crypto market was hit hard after US president Donald Trump announced new duties for Canada and Mexico. The President also intends to levie heavy tariffs against the European Union.
In the past few days, there was also a rise in the US Dollar. Investors may be worried about risky investments.
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VeChain predicted to hit $0.11
CoinCodex predicts that VET’s momentum will gradually increase over the coming months. Platform predicts that the asset will reach $0.11 by April 20. The platform predicts that the asset will reach $0.11 on April 20.
Changelly is, however, quite negative on VeChain. Platform predicts that the asset will trade for a maximum of $0.0314 by April 2025. The price will drop 7.65% to reach $0.0314.
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The crypto market could continue in its current bearish direction. VET could also be hindered by macroeconomic issues. The performance of the market in the next few weeks will help determine if we’re heading into another bear market. The Federal Reserve could introduce another rate reduction.
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Source: watcher.guru
