- VeChain price is mostly below the baseline due to continuous bear pressure as seen from the one-month price chart
VeChain (VET) was one of the more stable coins in the crypto market before the market volatility set in, in the month of July. There onwards, the bears took charge, and the price of VeChain was mostly below the baseline. The one-month price chart for VeChain shows a lot of volatility in the price, movements being in the range of $0.0032–$0.0044. Nothing much can be expected from the coin in the short-term due to the bearish sentiment being strong in the market.
VeChain Price Analysis:
VeChain price has been mostly below the baseline, as seen from the one-month price chart. From a low of $0.0036 on Sep 13, the price of VET went up to $0.0044 on Sep 18, and the upward price swing was to the extent of 23.33%. With the bears being around and exerting continual pressure on the price of VET, the price went below the baseline at $0.0032 on Sep 30, showing a downward variation to the extent of 27.36%. Though the price did rise to the extent of 16.70% on Sep 09 at $0.0038, it couldn’t manage to rise above the baseline. The current day’s price is at $0.0038, indicating a flattish movement in price from the previous close.
VeChain couldn’t start the year on a good note, but later it was able to gain a slow and steady growth. This upward movement was halted by the bear entry in the crypto market, and then, the price started taking a reverse turn and went below the baseline. The current trend is still the same and analysts expect this to continue for the short-term. They feel by the year-end, the crypto market volatility should subside, and VET would get back to earn stable returns. Current investors will tend to gain if they hold on to their investments in the long run. Short-term and day traders may not make, and the gains in this current bearish crypto market.