Price Analysis

VeChain Price Analysis: Downward Trend Persists; Joining Hands with Latitude 28 Might Help in Strengthening Market Grip

Finmax

Latitude 28, a world-class meat supplier based in Australia, joined hands with VeChain to develop a meat traceability solution and extend its market in China. The new mechanism is developed on the BaaS platform using VeChain ToolChain. It also has an enhanced verification service provided by DNV GL, which is a world-leading certification body.

Current Statistics of VeChain (VET):

  • On July 24, at UTC 06:55, VeChain (VET) vs. USD is trading around 0.00570876 USD.
  • Against Bitcoin, the crypto is valued around 0.00000059 BTC per chip.
  • At present, the coin is ranked at 32nd position in the crypto market.
  • Additionally, the market capitalization of the cryptocurrency was around 320,003,672 USD.
  • At the same time, the 24-hour trading volume in the altcoin was 32,048,296 USD.
  • With an ROI of 61.63%, the number of VeChain chips circulating in the market, at the time mentioned above, was 55,454,734,800 VET.

VET to USD Price Comparison:

Let’s have a look at the price variation of VeChain throughout 25-days.

Finmax BTC
VeChain Price Chart - 24 July
VET Chart by TradingView

On June 29, VeChain was trading around 0.00798183 USD. But today, the altcoin is trading with a decline of 28.48%. However, there is some strengthening in the altcoin in weekly trading duration. The coin has gone up by 3.95% from 0.00550022 USD on July 18. Nevertheless, yesterday was not a good trading day for VET. It opened, the previous day, at 0.006226 USD and with a decline of 6.21%, wrapped the day at 0.005840 USD.

VeChain Price Prediction:

At current levels, the short-term prediction or action in the coin is unpredictable. Nevertheless, in the long-term, VeChain price might trade around 0.015 USD, as per our analysis. The immediate resistance for the coin is at 0.00614633 USD and the support level is at 0.005636 USD.

Conclusion:

VeChain coin is extending its foot in China and its recent partnership of Latitude 28 will help the foundation in achieving the goal. Although the coin is facing a bit of negative sentiment, it will soon make a bounce back. At the current level, there is a good opportunity for buying. Right now, the short-term seems to be bearish. However, one should expect a good return in the long-term.

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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