VeChain Price Prediction: Why VET May Drop Below $0.02

Summary:
• VeChain price looks to have found its mojo back and is up by almost a percentage point today and reversing bearish trend.

After dropping by 8.5 per cent in the past two consecutive trading sessions, VeChain price looks to have found its mojo back and is up by almost a percentage point today. The prices are also looking likely to continue with the upward trajectory throughout the session.

However, despite showing signs of another bullish move, VeChain has struggled throughout July and is down by 3 per cent. The trend has also looked eerily similar to June when prices dropped by 30 per cent, and May when it dropped by 27 per cent. 

Nonetheless, the leading L1 smart contract platform, which is designed to improve supply chain management and business processes, has continued to collaborate with similar platforms in order to gain a market advantage. Last month, it partnered with Supply@me for inventory monetization. The platform has also taken an active role in its partnership with UFC, which will see it advertised to millions of potential users. 

Besides these partnerships, it has also grown in popularity with major suppliers. Today, various chains such as Walmart China, BMW, and the US government are using the platform for its ease of enhancing supply chain and business processes. All these partnerships have served one purpose, to place VeChain strategically, whereby we will see the crypto continue to gain traction despite the recent cryptocurrency industry bear market. 

Vechain Price Prediction

Despite the past two consecutive days showing a strong bearish trend that resulted in an 8.5 per cent drop, today’s session is bullish. Still, in the early hours of the session, the prices are already up by almost a percentage point. The trend is also looking highly likely to continue with a bullish move throughout the session. 

However, despite today’s push to the upside, my VeChain price prediction for the next few trading sessions is still bearish. I expect the prices to continue pushing downwards, with a possible trade below the $0.02 support level. Part of the reason for this prediction is that we are still in a cryptocurrency industry bear market. Therefore, the push to the upside is short-lived, and prices mostly resume a downward trend after every market correction.

VeChain Daily Chart