Vechain price is down by a percentage point in today’s trading session, extending a three-day streak that had seen it drop by 8 percent. Vechain has continued to gain traction for the past few years due to its enhancement of supply chain management and business processes. Today, it is ranked as the 32nd largest cryptocurrency, with a market capitalization of over $2.2 billion.
Vechain has gone from a strong bullish trend to the current downward trend for the past week. The current push to the downside started with a price spike on August 10, when it rose by 8 percent. This was followed by another two days of a bullish trend, which saw the prices hitting a weekly high of $0.033.
However, the prices failed to move past the price level and instead started to trend downwards, which triggered the current bearish trend that is in its fourth consecutive session. In today’s trading session, the early hours are already showing a continuation of the bearish trend, with prices already down by a percentage point. It is also important to note that the prices failed to hit the $0.035 resistance level before the current price reversal.
Therefore, it is likely that the current trend change is not a price reversal but a price correction. Therefore, my Vechain price prediction expects the price to continue dropping for the next few trading sessions. However, it is unlikely that we will see prices drop below the $0.027 price level, which is 20 percent from when the current bearish trend started.
Traders looking for short positions on Vechain should therefore consider moving out of their positions as it nears the $0.027 price level. However, should the price trade above this week’s price high of $0.33, my bearish trade analysis will be invalidated. It will also mean the resumption of a possible bull trend.
This post was last modified on Aug 16, 2022, 10:25 BST 10:25