The VET price is still seeing little action as the consolidation phase of cryptocurrencies continues. The VeChain price is trading at $0.0665, which is at an important level of support. Other altcoins like Cardano, Polkadot, and Solana are also seeing less price action.
VeChain news. VeChain is a leading blockchain project that originated from China. The project works with some of the leading companies in China like Walmart and BMW. It has also been embraced by local governments like in San Marino and Suzhou, which are using VeTrust for the health sector.
While VeChain is seeing some strong performance and corporate embrace, the VET price has struggled recently. It is even down by more than 70% from its all-time high. Its ranking of the biggest cryptocurrencies in the world has also dropped to 23. At its peak, VeChain was among the top 15 biggest cryptocurrencies in the world.
This price action is mostly because of the crackdown in China. The country’s government and central bank have recently asked all companies in the financial sector to stop supporting the digital coins. Also, there is the rising fear that the Fed will turn more hawkish after the relatively strong economic data from the US. So, is VET a buy in July?
The daily chart shows that the VET price is trading at $0.0665. This is a notable price since it is along the lowest level in May and June. Another notable feature is that the coin has formed a death cross. This is where the 200-day and 50-day MAs make a crossover.
The Relative Strength Index (RSI) is also hovering near the oversold level of 30. Therefore, a volume-supported break below this support will be a sign that bears have prevailed. This will in turn push it lower to the next key support at $0.050. On the flip side, a move above $0.09 will invalidate this price action.
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