VeChain News Today – The price of VeChain VET has been red on CoinMarketCap for many hours now. This is after it enjoyed a bull run for some days. Now, the bulls have run out of steam and there is no sign that they will be returning soon. What happened to VeChain? Well, it’s difficult to trace the catalyst behind fall in the price of VET. This is especially so because the VeChain Foundation has added many new members to the list of VeChain partnerships. Also, this is altcoin season. Many altcoins are doing remarkably well as the price of Bitcoin finds relative stability. In our previous VeChain news, we mentioned that the VeChain Thor price prediction was bullish against the USD and BTC. So, what happened to VeChain? Why is the VeChain falling despite the VeChain partnerships?
VeChain Thor Price Prediction – VeChain News Today – VeChain Partnerships Florish But The VET Coin Continues To Fall
About ten days ago, when the price of VeChain entered a mini bull run, it touched the 0110 satoshi level but was not able to break above it shortly after a correction. This led to a period of stability followed by a sudden crash in the price of VeChain this morning. Now, there is strong resistance at 099 satoshis and there is a slim chance that the price of VeChain is going to surge above this level anytime soon. There are VeChain support levels at 087 and 080. These support levels will prevent the price of VET from falling further against the price of BTC assuming that it keeps falling near-term.
Right now, the breakout level for the price of VeChain VET is at 110 satoshis. It is important that the VET token surges above this level to confirm that the bulls have taken control of the market. If the price of VeChain is able to move above the 110 satoshi level successfully, the next breakout point will be at 142 satoshi according to the VeChain Thor price prediction on CaptainAltcoin.com. If you’re considering buying VeChain, this may be a good time to invest. There is a high chance that you would gain significantly when the price surge but you have to be willing to take the risk.
VeChain Thor Price Prediction: What Happened To VeChain? Current Price Of VeChain – Why Aren’t The VeChain Partnerships Influencing The Price Of VET?
At the time of writing, the price of VeChain was $0.007343. This means that it is down by 7.11% against the USD and down by 2.15% against the price of BTC. The trading volume over a 24 hour period is $31,686,331 and the market capitalization is $407,209,081. The VeChain VET token has been bleeding out since yesterday with no signs of a recovery in view. However, it would soon get to the oversold region after which a mini VeChain bull run will happen.
VeChain (VET) Price Today – VET / USD
VeChain partnerships are announced almost every week. Still, the price of the VET coin is not responding positively to the good news. In our previous VeChain Thor price prediction, we said that these VeChain partnerships have the potential to drive the price of VET to the $1 level this year. However, with the current price action, it is becoming less likely. The main reason why these partnerships aren’t driving a VeChain bull run yet is that most of them have little to do with the VET token. They just want to use the VeChain blockchain for data management. This can still influence the price but only after a greater level of adoption is reached.
What do you think about the VeChain Thor price prediction in our VeChain news today? Share your thoughts about the price of the VET token in the comment section.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.