The price of VeChain (VET) managed to hold on to its gains this week, as the cryptocurrency was able to recover higher from the lows at $0.09 where it started the week. As recently as October 2018, the cryptocurrency was trading at around $1.00, and it’s now down to $0.11. This might be an indication that traders are in a less optimistic mood which could also be responsible for the price action seen in the past few days.
VeChain, a cryptocurrency that launched on the market in June 2017, has been steadily gaining support. It reached its all-time high at $0.16 on June 7th, and has since dropped to a six-month low of $0.10 on August 28th, at the time of writing. The coin was launched to facilitate third-party products and services in the supply chain, and it has been highly focused on its own growth and development in an attempt to become the backbone of the Internet of Things (IoT). The coin has a nearly identical supply to Bitcoin, which means that a finite amount of VET is in circulation, resulting in a limited number of coins to keep in circulation.
The ascendant VeChain project has been enjoying a good run lately, as its price has been steadily scaling upwards. The price has most recently climbed to the range of $0.09, which is still far from the all-time high of $0.17 VeChain is trading at as of this writing. The project has clearly made a lot of positive progress during the last few months, though it’s no secret that the project has been going through certain growing pains.
- VET has retraced its $0.11 loss from yesterday.
- Currently, support may be obtained around $0.10.
- VeChain is on the verge of collapsing.
As the market began to retrace from the $0.11 high yesterday, VeChain price research suggests negative momentum will continue over the next 24 hours. Overnight, modest support was established around the $0.10 level, but the market is expected to fall further today, testing prior significant barrier around $0.09.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the cryptocurrency market has been in the red. Ethereum is down 6.36 percent, while Bitcoin is down 2.43 percent. With a loss of more than 5%, VeChain (VET) is among the worst performers.
In the past 24 hours, VeChain’s price has retraced from its $0.11 peak.
Over the past 24 hours, VET/USD has moved in a range of $0.09709 to $0.1073, suggesting moderate volatility. The overall trading volume has dropped by 30.7 percent to $831.6 billion. In the meanwhile, the overall market capitalization is approximately $6.44 billion, putting it in 22nd position.
4-hour chart of VET/USD: VET finds support around $0.10.
The VeChain price movement is beginning to retrace from the $0.11 high on the 4-hour chart, which could lead to a retest of prior significant resistance around $0.09 as support.
4-hour chart of the VET/USD currency pair. TradingView is the source of this information.
Over the past several weeks, Vechain’s price has traded with a very strong positive trend. VET/USD surged and broke above the previous swing high of $0.095 on August 6th, after establishing a slightly lower swing low at $0.056.
Following that, the price rallied to the next resistance level of $0.11, where further upside was rejected. VET/USD began to retrace yesterday, reaching $0.10 support overnight.
The VeChain price is now consolidating around $0.10 support, indicating that bears are preparing for another push down later today. The next level of support is around $0.09, which, if achieved, would provide a solid foundation from which to prepare for the next push higher later this week.
Conclusion of the VeChain Price Analysis
For the next 24 hours, VeChain price analysis is bearish, as we anticipate more decline below the prior resistance level of $0.09, which will be retested as support. Following that, VET/USD is expected to reverse and attempt to hit new highs later this month.
Read our articles on Bitcoin Futures, Physical Bitcoin, and Proof of Stake versus Proof of Work while you wait for Litecoin to go forward.
Disclaimer. The information given is not intended to be used as trading advice. .com is not responsible for any investments made as a result of the information on this website. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.
After going through a big rally in June, where it broke through resistance at $0.27, VeChain is now slowly finding support around $0.10. This is interesting, because in the past VeChain has been known to make major price drops whenever major news hit the market.. Read more about vechain price prediction $75 and let us know what you think.
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