VeChain is among the altcoins that are being outperformed by the flagship cryptocurrency, Bitcoin. In our VeChain news yesterday, we gave a $0.50 VeChain Thor price prediction. However, with the current status of the VET coin, it is difficult for anyone to believe that the VET price is going to hit the predicted $0.50 level anytime soon. The bearish price action of VeChain is discouraging because the VeChain Foundation has been making waves in the space with so many VeChain partnerships. During the VeChain summit 2019, exciting announcements were made and the price of VeChain traded in green for a while. However, things have changed now. Is VeChain dead? Does VeChain have what it takes to surge higher against the USD? Why is the VeChain price falling amid a bull market?
VeChain Thor Price Prediction – VeChain News Today – VET Price Prediction – VET To USD Price Analysis – VET Loses Significant Support
In one of our VeChain Thor price analysis, we noted that the price of VeChain was at risk of lower lows against the price of Bitcoin because it had lost the support at 107 satoshis. This prediction came happened and the price of VeChain started falling lower against the price of Bitcoin and against the price of the USD. At the time of writing, VET was trading at $0.006002. This means that it is down by 3.47% against the USD and down by 7.06% against the price of BTC. The trading volume over a 24 hour period is $14,694,565 and the market capitalization is $332,848,998.
VeChain (VET) Price Today – VET / USD
Bitcoin is trading at $6,420.84. It is up by 5.72% against the USD. The trading volume over a 24 hour period is $18,961,632,786 and the market capitalization is $113,603,038,878. Analysts have predicted that the price of Bitcoin is primed for a significant surge against the USD. However, as is already visible, Bitcoin may not carry every altcoin along. It is important that the price of VeChain catches up with the price of Bitcoin to avoid another panic sell-off. Right now, VeChain is at 096 satoshis and this is a major red flag. Falling below the next support at 095 is going to be the hammer that hits the nail on the coffin for VeChain.
VeChain News Today – VeChain Thor Price Prediction – Why is VeChain Falling?
There are many possible reasons for the fall in the price of VeChain. However, the most obvious one is that the altcoin market is currently consolidating. Bitcoin’s price action is increasing its dominance in the market and traders are more inclined to buy the flagship cryptocurrency instead of others. Before now, there was altcoin season where the price of altcoins, VeChain included, was outperforming the price of Bitcoin. Now, the case is different.
Does this mean the VeChain Thor price prediction will be bearish for the rest of the year? Not at all. Even if the current technicals for VeChain are discouraging, the fundamentals are strong. The price of VeChain is going to recover when the altcoin market sentiment changes. This would be followed by a significant surge in price. VeChain is not dead and there is still a chance that it would get to the $0.50 level before the end of the year.
What do you think about the VeChain Thor price prediction in our VeChain news today? Share your thoughts about the price of VeChain in the comment section below.