Price Analysis

VeChain Price Analysis: Despite Strong Bearishness, VET Shows Price Gain Since the Start of the year

In the recent times, VeChain has not been reactive enough to gear up its momentum. Looking at its current price scenario, the coin is facing a strong sell phase.

Though the picture for VeChain appears less gloomy if we see its YTD Chart. Since January this year, VET price has manifested an upsurge in its price trend. It is to be noted that, not so long ago, VeChain, the nonprofit foundation behind the blockchain platform VeChain had revealed that it will buy back $25 million VeChain (VET). It is to be seen how the news will impact the price of the coin. 

Current Statistics:

At 11:25:07 UTC, VET was trading with its price at $0.00702. The coin holds market Capitalization of $394,170,530 while having 55,454,734,800 VET as part of its Circulating supply. VET, At Present, fetches RoI of -52.74%. 

VET Price Chart

VeChain Price Chart
VeChain Price Chart

Comparison:

From January 2019 to mid-March, VET was trading with its price near 0.004. It started to surge gradually from 23rd March and reached to $0.0062 price on 7th April. After a downward correction, the coin went through a bit of price turbulence till June. On 29th June, the coin reached as high as $0.0091. Though after price pullbacks and corrections, VET is currently hovering around $0.007. 

Since January, the coin has increased to 71.21%. However, the current price of VET is still 8.83% lower than its 20-Days SMA of $0.0077, with strong selling pressure.

Technical Indicators:

RSI for the coin seems to be heading towards oversold momentum, while the MACD is currently bearish with its MACD line below the Signal line. The coin may see further price barriers at $0.0076 and $0.0077, while its possible support levels can be at $0.0071 and $0.007.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.
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