VeChain (VET) price has been behaving exactly as I predicted in my analysis on April 2023. Since then, the price has dropped 20%. The latest analysis reveals that there is still a lot more downside for VET crypto if bulls don’t step in soon.
Cryptocurrencies are having a very sluggish week. BTC price has been trading sideways since the start of the week as the biggest cryptocurrency tries to gain strength above $27,000. On Wednesday, BTC price fell below $27k once again. Nevertheless, the VeChain price showed some strength and was trading .57% higher during its London session.
According to the latest VeChain news, the project set up a booth at the Consensus 2023. The event was held in Austin, Texas, in the last week of April 2023. It is one of the largest and longest-running gatherings in the blockchain space. In other news, the team also launched its Web3 as a service platform that will enable users to deploy web3 assets with just a few clicks.
As per the DeFi TVL tracking site, DeFi Llama, there is currently a $1.23 million total locked value (TVL) on the VeChain platform. This is nothing compared to major blockchain networks, which have billions of dollars locked across multiple apps. This shows that blockchain currently has very low network activity, which also affects the VeChain price.
On a daily timeframe, the VET crypto has broken below the trendline, dipping below the 200-day moving average. This confirms the bearish market structure on the daily chart. The price is currently retesting the $0.195 support from the downside, which has now turned into a resistance.
If VET doesn’t break above 200 MA soon, then VeChain price prediction will flip very bearish. In such a scenario, bears may target yearly lows that lie around $0.015. this will be another 20% drop from the current price level.
I’ll keep sharing my updated price outlook on VeChain & digital assets in my free Telegram group, which you’re welcome to join.
This post was last modified on May 17, 2023, 12:40 BST 12:40