Cryptocurrencies

VeChain Price Prediction – VET Bulls Capitulate As BTC Tanks

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Written By: Abdullah Sarwar
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  • VeChain Price Prediction - VET Crypto is on track to meet my June's price prediction. Bulls need to hold the $0.015 support level.

VeChain (VET) price is playing out exactly as I predicted in my June forecast. The price of the native asset of the top Layer 1 blockchain has dropped to fresh quarterly lows as the Bitcoin flash crashed last night. The latest analysis predicts more downside for the coin in the coming days.

On Friday, crypto markets are showing a brief rebound after a flash crash on Thursday. The sellers are stepping over each other to get rid of their crypto bags as the liquidity dries up in cryptocurrencies. VET crypto plummeted to $0.01475 last night as the BTC price crashed below $25,000 on some exchanges.

VET Crypto Gains Bearish Outlook

As I have mentioned in many previous articles, the network activity and the corresponding TVL on the VeChain blockchain has dwindled in the last 18 months. According to DeFi Llama, the total locked value on the network has plummeted below $1 million from its 2021 peak of $35 million.

Many analysts attributed the ongoing sell-off to SpaceX selling its BTC holdings. However, the news turned out to be incorrect as the space exploration company only wrote off the value of its holdings by $373 million. Nevertheless, the fear in the market was enough to tank VeChain price to its lowest level since June 2023.

VeChain Price Bounces Off Key Support

In my June price analysis of VET crypto, I predicted a 47% drop. At that time, the price was trading at $0.021, which turned out to be the local top. Since then, the price has already corrected around 30%. Right now, the price is consolidating after a brief rebound from its $0.015 support.

VeChain price prediction flipped bearish for me when it failed to reclaim the range lows of $0.020. From that point onwards, all it needed was a little push which happened to be the Bitcoin crash. A breakdown below $0.015 support would be very cataclysmic, triggering further downside in the coming weeks.

In the meantime, I’ll keep sharing updated VET price analysis and my personal trades on my Twitter, where you are welcome to follow me.

VET Crypto Daily Chart

This post was last modified on Aug 18, 2023, 11:43 BST 11:43

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar