The VeChain price has declined sharply in the past few months. VET, its native token, has declined to $0.08, which is the lowest it has been since August this year. Its price has declined by more than 71%, bringing its total market capitalization to more than $5.2 billion. Its ranking has dropped from top 20 to about 34, making it a fallen angel.
VeChain was once one of the most popular cryptocurrencies in the world. This explains why its price surged by more than 2,500% between January and May this year. Recently, however, this popularity has waned.
A closer look at Google Trends shows that the worldwide searches for the coin have dropped substantially. Similarly, social media data shows that the number of mentions has declined recently.
This performance is partially because of the Chinese crackdown of cryptocurrencies. This is notable since VeChain is mostly a Chinese platform. Another possible reason is that investors have been focusing on the fast-growing Ethereum-killers like Avalanche and Solana. Most importantly, VeChain’s developers have been relatively muted about its ecosystem growth.
The daily chart shows that the VeChain price has struggled substantially in the past few months. Its price has crashed by more than 70% from its highest level this year. It also formed a double-top pattern and it is currently at its chin. This pattern is usually a bearish sign. It has also moved below the 25-day and 50-day moving averages. It also seems like it has formed a bearish flag pattern.
Therefore, there is a likelihood that the VET price will keep falling as bears target the next key support level at $0.05. This view will be invalidated if the price rises above $0.10.
This post was last modified on %s = human-readable time difference 04:28