The Crypto market is on the roller coaster ride for the past few days. With the largest cryptocurrencies observing a tumbling market status, the ripple effect is continuing to hit the smaller ones. VeChain is the center of attention right now as the price of VET went down by 23% in the current date and timeframe. The cryptocurrency is one of the ten worst performing cryptocurrencies on the core coverage list right now. In this article, we will talk about the current status of VET and also draw some light on VeChain price prediction.
VET Down 70% From April High
The price chart of VeChain has been signaling some warning signs after the Bitcoin price jumped over 30%. The lack of strength to overcome this jump and falling behind on the accumulation process led to the current picture.
The VeChain price decline today is the largest decline since May 19 (34.92%). While this may be valid, the crash of VET has collapsed the anchored VWAP at $0.088.
The overall picture of the VET market is hinting at a clear race for the exits right now.
VET Price Prediction
At this moment, it is important to know that VET has no clear support level, and it may continue to observe further downtrend moving forward. While this may be true, let’s not forget that VeChain can also experience big price pockets as also witnessed on May 19 this year. So, any tweet on social media or a piece of news in favor or against VET in the next few days can completely turn the market upside down. However, for long-term profitability, it is beneficial to wait till the weak VET holders are liquidated by the altcoin to have a clear price structure upfront. This is the safest VeChain price prediction at the moment to stick to.
For more latest updates and news from the cryptocurrency ecosystem, keep following and visiting as we bring more for you to read!