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Price Analysis

VeChain Price Analysis: Amidst The Bearish Trend in Altcoin, New Thor Upgrade Rolled Out

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VeChain (VET) has recently rolled out Thor upgrade v1.1.2. This will become active on the mainnet on July 22. New opcodes of ETH_CONST are introduced in this upgrade. Further, they requested all users to upgrade their nodes as soon as possible. Few notable changes include an extended transaction model to support VIP-191, exposure to a virtual machine for gasPayer via extension built-in contract, fork configuration for custom network, and an improvised consistency of the underlying database.

VET Current Statistics:

VeChain price chart - july 14

  • On July 14, at UTC 07:12, VET vs. USD was trading around $0.00635462.
  • Along with that, VET vs. Bitcoin was trading around 0.00000057 BTC per chip.
  • At present, VeChain is placed at 33rd position in cryptocurrency chart, with a market capitalization of 351,769,854 USD.
  • Additionally, the 24-hour trading volume in the altcoin was 20,157,414 USD.
  • At the time of writing, the number of VeChain chips circulating in the market was 55,454,734,800 VET, having a return on investment of 57.82% (in the negative).

VeChain Coin Comparison:

On June 19, VeChain (VET) was trading around 0.00733731 USD. Nevertheless, today after 25-days, the altcoin is trading with a substantial dip of 13.39%. Similarly, in weekly charts, the crypto has gone down by a huge margin of 14.95% from the market price of 0.00752564 USD on July 08. Although there is a bit of stability in the price of VeChain in the last few days, it is still trading in the red zone.

VeChain Price Prediction:

VET will soon make a bounce back, and the variation in price has also been stable as of now. According to our prediction, the crypto might trade around 0.05 USD by the end of the year. At present, the immediate resistance for the coin is at $0.00697167 and immediate support at $0.00611467.

Conclusion:

The recent Thor upgrade will certainly help in shifting the momentum in favour of VET. Generating constant positive news around itself is a tried and tested method of staying relevant in crypto space, and VeChain team is an efficient one in this regard. As far as trends are concerned, the long term is bullish. However, the short is a bearish one.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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