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Price Analysis

VeChain Price Analysis: Yesterday’s Hike Seems To Be A Small Bump, VET Continues To Be Bearish

VeChain again showed a declining trend today. Considering the data on July 19, VeChain was trading around 0.00591841 USD. However, today after 25-days, the altcoin has made a huge dip of 17.46% against its earlier value. In the weekly trading duration as well, the coin has gone down but by a small margin of 1.32% from the level of 0.00495791 USD on August 07. Yesterday was also a flat day for VET. After opening at 0.005124 USD, it declined by 0.59% and closed the day at 0.005094 USD. The early strength has faded away soon, and the short term went bearish again.

 Current Statistics of VeChain:

  • VeChain is currently trading at 0.00488481 USD.
  • Against Bitcoin, the crypto was valued around 0.00000044 BTC per chip.
  • The current market cap of the coin is 277,064,695 USD.
  • At the same time, the 24-hour trading volume in the coin is 30,559,334 USD.
  • With a Return on Investment (ROI) of -66.78%, the circulating supply of the coin is 55,454,734,800 VET.

VET to USD Price Prediction:

VeChain Price Prediction
VeChain Price Chart by TradingView

The positive action in VeChain has washed away since the 2nd half of yesterday. But there is no need to be worried as the two top cryptos, i.e., Bitcoin and Ethereum to have shown some decline. As per our prediction, VeChain might trade around 0.01 USD by the end of the year. As of now, the immediate resistance for the coin is at 0.005201 USD, and the support level is at 0.004734 USD.

Conclusion:

As we predicted earlier, the small bounce-back was not going to uphold for too long. And that turned out to be the reality. But the relieving part of the whole action is that the crypto has been stable and not fell sharply. The investors should invest at these price levels for a good return in the bullish market.

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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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