The VeChain price has struggled in the past few trading sessions. VET is trading at $0.1940, which is about 14% below this week’s high of $0.2240. Its market value has dropped by more than 30% in the past few days to $12.47 billion, making it the 13th biggest currency in the world.
VeChain news: VeChain has been an overall success story recently. Once unknown, the currency has surged to become the 13th biggest cryptocurrency in the world, according to CoinMarketCap. This is a major achievement considering that there are almost 5,000 cryptocurrencies.
This performance has been due to the overall growth of digital currencies and the fact that many companies are using its platform to build applications. Others like Salesforce are assessing the suitability of the platform. What next for the VeChain price?
In my last article on VeChain, I said that the recovery rally was in play but warned of potential risks. Sadly, looking at the four-hour chart shows no signs that a bullish trend is intact. The chart shows that bulls found substantial resistance at the $0.2240 level yesterday and has dropped by about 14% since then.
This performance, in my view, is mostly because Bitcoin has not given clear direction to digital currencies. In most cases, currencies like ETH and VET usually move in the same direction as BTC.
Also, we see that the VeChain price is stuck at the 25-day and 15-day moving averages while the Relative Strength Index (RSI) is at the neutral level of 47. Therefore, at this stage, the outlook of VET is neutral. Still, the key levels to watch will be the resistance at $0.2240 and the support at $0.18.
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