VeChain News

VET Left with No Option to Bounce Due to Bear Pressure

  • VeChain price is still below the baseline due to the bear pressure which is outpouring as seen from the 5-day price chart

VeChain (VET) is still under the control of bears as observed since the month of July. However, prior to this the coin was able to gain a good upward momentum. But with the current market volatility, the price of VET has gone below the baseline price as it is under a lot of pressure from the bears. The 5-day price chart paints a dismal picture for VET with the price being in the range of $0.0033–$0.0038.

VeChain Price Analysis:

VeChain has nothing superficial to exhibit with respect to its price as is has been bearish for a major extent, as seen from the 5-day price chart. The trading price was of VET was $0.0033 on Oct 06. It then slightly recovered by 11.09% to the extent of $0.0036 on Oct 08. The price continued to slide downwards and reached $0.0034 showing a downward movement to the extent of 5.85% on the same day. On Oct 09, the price went up to $0.0038, the rise being to the tune of 10.16%. With the bears looming around, the upward momentum could not be sustained for long and the price went down to $0.0037 on Oct 10, the downward price movement was to the extent of 3.51%. The current day’s price is at $0.0037 indicating a flattish movement in the price of VET.

VeChain Price Chart

VET has been completely overshadowed by the bears since the month of July and the price has been continually falling and going below the baseline price. VET will have to wait for some more time till the crypto market stabilizes and the price picks up momentum. There is not much scope for investors at this moment, but analysts expect the coin to recover by the year end. Long-term investors should hold on to their existing investments as the crypto market is expected to bounce back by the year end. Short-term investors cannot expect much as the bearish sentiment is expected in the said time frame.

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