Will VeChain (VET) be a profitable investment in May 2024?

VeChain’s native token, VET, is currently trading at around $0.034 and has nearly increased by 1.5% in trade volume over the last 24 hours.

VET is based on the VeChain supply chain, which recently turned green after trading in red for more than seven days. As it crawls slowly in the price charts, the crypto will not attract any bullish sentiment. 

VeChain’s VET has traded mostly sideways for over a month, which has made investors opt for other digital assets that seem to be more promising. 

Since VeChain is now back on track, there is optimism surrounding VET, turning the tides and leading to greener pastures. 

CoinCodex, a popular price prediction and on-chain metrics company, has projected a bearish trend for VeChain. Based on its price prediction and analysis, the token might experience more downtrends than uptrends in May. 

The estimates also predict a fall in VET prices to almost $0.031 in the coming days. However, there is a chance for the crypto to recover briefly and reach $0.033 by the end of May. This is still a decline of approximately 0.6% from its current value of $0.034. 

Additionally, every technical indicator points towards the sale of VET in May. According to the sentiment indicator, the crypto is 38% bullish and 62% bearish, and hence, it is advisable for investors to remain cautious before investing in VET tokens in May. 

The VeChain trading volume has also been projected to decline, with $45 million traded in the last 24 hours. All these movements have added pressure on the price of VeChain, making the crypto lose the majority of its profits. Overall, crypto has very little strength to emerge out of its bearish claws because of price stagnation.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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