An analysis of the current state of the cryptocurrency market, especially for VeChain (VET), indicates growth opportunities ahead of altseason. Bitcoin's dominance decline and the seasonal factor in October create conducive conditions for price increases.
Signs of Altseason Beginning
Analysts suggest that a decrease in Bitcoin dominance typically signals a shift in investments to altcoins. Historically, October has often proven to be a strong month for rises. Recent hints from the Federal Reserve regarding potential interest rate cuts strengthen expectations for upcoming market rallies.
VET Price Predictions Using Fibonacci Levels
The analyst utilizes Fibonacci levels to estimate possible price targets for VET. Based on historical data, VeChain’s price could reach the golden zone between the 0.618 and 0.682 levels, corresponding to a price range of approximately $0.17 to $0.18 based on current levels.
Market Signals Influencing VeChain
Not only does the VET chart suggest potential growth. The decrease in stablecoin and Bitcoin dominance also indicates a growing interest in altcoins such as VeChain. Historically, sharp drops in Bitcoin dominance have been associated with active periods for altcoins.
The cryptocurrency market may be gearing up for growth again, with VeChain showing the potential to recover towards $0.17-$0.18 if the upcoming altseason truly begins. A successful investment strategy in cryptocurrencies requires attention to market signals and timing.
