- Analysts project significant growth for VeChain, with CoinCodex predicting a 100% increase to $0.10 by April 7 and a potential 300% rise to $0.20 by April 20.
- VeChain’s derivatives market shows signs of caution, with a 5.39% drop in open interest and $248,220 in liquidations over the past 24 hours.
VeChain (VET) recently stood out as a strong performer among well-known cryptocurrencies by surpassing the top 10 cryptocurrencies in daily price growth. During the last day, VET price rose over 14% but still ranked high among the top cryptocurrencies in the market.
VeChain Price Action Amid Volatile Market
VeChain price rose by 1.75% in the past week and reached 2% over the last 30 days, trading around $0.04809 at press time. It continues to grow with 4% gains since last month. VeChain price growth of 76% since January 2024 demonstrates its strong momentum, as previously mentioned in our report.
Today, Bitcoin price reported a 0.25% decrease on its daily chart in the broader market. Meanwhile, XRP recorded a 1.19% boost, and Solana registered a 7.57% jump during this period. Most major cryptocurrency assets demonstrate rising prices within their designated price zones. New record highs for Bitcoin at $105,000 boost investor confidence.
The market momentum comes from outside causes. The public considers President Trump’s return to power alongside his crypto-friendly policies as significant. A new phase in crypto investments drove people to buy more digital assets at higher prices.
Positive VET Price Outlook
Many market experts predict VeChain will maintain its positive price direction in the next few months. CoinCodex sees VET reaching $0.10 by April 7, representing a 100% price increase from its latest levels. According to this prediction, VeChain may grow 300% to $0.20 by April 20.
Analysts predict that VeChain could grow positively but warn that its upward path is uncertain. A shift in investor feelings about the market can lead to a price drop. The central bank’s aggressive monetary policy decisions could harm the overall crypto market and slow down VET’s future growth.
Currently, signs of continued struggle are imminent, with VeChain’s open interest slumping 5.39% to $134.67 million on Wednesday, January 22. This indicates lower interest in the derivatives market, which could further weigh the VET price in the short term.
In the past 24 hours, according to Coinglass, VeChain witnessed total liquidations of $248,220, indicating moderate market volatility. Long positions accounted for $153,590, representing 61.9% of liquidations, while short positions made up $94,630 (38.1%). The dominance of long liquidations suggests traders may have been overly optimistic, potentially expecting a bullish breakout. This imbalance could signal near-term market caution.
