VeChain Price Analysis: VeChain (VET) Continues To Trade In The Bearish Zone With No Sign Of Recovery

VeChain recently announced Penfolds as their wine traceability platform on VeChain Thor. This is known to be the first and only live example as of now from Australian Vintage Wine that is empowered by Cryptocurrency NFC tags, according to VeChain News.

Current Statistics of VeChain:

VeChain Price Now at $0.004998 at 02:06 UTC as on 8th August 2019. The other essential factors are as follows:

  • VeChain is currently ranked at 34th position in the crypto market
  • Return On Investment: -67.35%
  • Total supply/Circulating Supply: 86,712,634,466 VET/ 55,454,734,800 VET
  • 24 Hour Volume: 39,584,403 USD
  • Market Cap Value: 272,320,440 USD
  • 7 Day high/low: 0.005577 USD/ 0.004790 USD

VET to USD Price Comparison:

VeChain Price Prediction
VeChain Price Chart by TradingView

Yesterday, the coin was initially seen trading at $0.004751 at 06:00 UTC. The value escalated by 21.8% at 07:49 UTC and the price climbed to $0.0060177. It then took a massive fall of 18.8% at 15:52 UTC when the trading value changed to $0.0048865.

The value then slightly increased to $0.005139 at 16:05 UTC, just to drop again by 5.60% at 20:51 UTC, trading at $0.004851. The coin again escalated by 4.36% at 22:56 UTC time trading at $0.005052. The value from then is dropped back in the red zone as of now.

VeChain Price Prediction and Conclusion:

VeChain as a community is seen outperforming presently. Due to unavoidable circumstances, it is slanting in the bearish zone, yet this might be an ideal time for welcoming potential investors to the network. Although VeChain is expected to rise again soon and trade with a bullish outlook.

The calculated major resistance levels and support levels are as follows:

Resistance levels:

R1: 0.005337, R2: 0.005715, R3: 0.00597

Support levels:

S1: 0.004704, S2: 0.004449, S3: 0.004071

VeChain has enough potential to fetch great returns for its investors, and therefore, the coin is expected to trade around $0.01 by the end of the year.

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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