VeChain (VET) price turned red on Wednesday once again after a strong rebound on Tuesday. The enterprise blockchain cryptocurrency remains in a global downtrend, which is still intact. VET crypto has perfectly met my bearish price target, which I forecasted months ago.
On Wednesday, VeChain fell by 2% as the Bitcoin price failed to gain strength above the $26,000 level. Most other altcoins are also trading in red after a strong rebound at the start of the week. After an 11.59% surge in its previous session, VET is having a pullback today.
As per the latest reports, Coinbase has added support for the VeChain network. In a recent tweet, the biggest cryptocurrency exchange in the US announced that the VeChain (VET) and VeThor (VTHO) can now be transferred on their native blockchain.
In other news, the total locked value on the VeChain blockchain has plummeted below $1 million. There is very little activity on the self-proclaimed enterprise blockchain. The constant decrease in TVL is generating headwinds for the VeChain price, which is trading just a few points above its yearly low.
Technical analysis of the VET crypto price chart reveals that the coin has been trading within the $0.0155-0.0165 trading range for the past couple of weeks. Even after a strong rebound, the price failed to break out above the range highs. In the coming days, the price may retest the range lows around $0.0155 once again.
My previous VeChain price prediction has been perfectly met, as I predicted this drop when the coin was trading above $0.022. The outlook remains bullish on the digital asset as the market conditions are not ideal for altcoins like VET to thrive.
In the meantime, I’ll keep sharing updated VeChain analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 13, 2023, 09:59 BST 09:59