Altcoin Correction: Vechain (VET) Breaks Below A Major Support Level

The digital currency market is deep in the red with many digital currencies struggling to hold gains over their crucial support level. Only a few cryptocurrencies out of the top 100 are currently amassing gains. The majority of the coins trading in the green at the press time are stablecoins such as USD Coin and TrueUSD. Even Tether (USDT) – which is the stable coin with the highest market cap – is trading in the red. The world’s most dominant digital currency, Bitcoin (BTC), is even down by more than 11 percent over the past twenty-four hours.

Bitcoin (BTC) recently started a sharp price rally. However, it didn’t carry the altcoin market along and most of the altcoins in the market were deep in the red when Bitcoin was trading close to the $13k level. At the press time, the price of Bitcoin (BTC) is $11,514 and it looks to continue correcting lower in the short-term.

Vechain (VET) Price Drops by More than 10 Percent amidst the Altcoin Correction – Vechain Price Prediction

Bitcoin (BTC) is not the only digital currency affected during this correction phase. All the top digital currencies in the market are experiencing turmoil. Vechain (VET) – which is currently the 31st largest digital currency by market cap is down by more than 10 percent over the past twenty-four hours. The recent price trend of Vechain (VET) has been strange. The price of Vechain has been somewhat stagnant over the past few days. During the recent Bitcoin (BTC) price rally, the price of Vechain was stagnant all through.

However, Vechain (VET) price is responding to the ongoing price correction in the market. No one knows when the price correction will come to an end as some digital currencies have lost more than 20 percent of their values.

Top Losers Over the Past Day

Among the top twenty coins in the market, the top loser over the past day is EOS (EOS). The price of EOS (EOS) is down by more than 20 percent over the past day. The second position goes to Bitcoin Cash (BCH). The price of BCH is also down by about 19 percent over the past day. The significant plunge in the price of Bitcoin Cash has made it lose its position back to Litecoin (LTC) – which is now the fourth largest digital currency by market cap. Over the past twenty-four hours, the price of Litecoin (LTC) is down by about 15 percent, bringing LTC USD price to $101 at the time of writing.

However, there is one altcoin that seems to be moving in the opposite direction in the midst of the ongoing correction. The 20th largest digital currency by market cap – Crypto.com Chain (CRO) – is experiencing a bull run as other digital currencies are correcting lower. The price of CRO over the past twenty-four hours is up by more than 20 percent, leaving it to trade at $0.100980 according to CoinMarketCap.

After this correction, many digital currencies are going to surge significantly. The price of Vechain (VET) might also test a new yearly high as the digital currency has been preparing for a massive bull run.

VeChain (VET) Price Today – VET / USD

NamePrice
bitcoin
Bitcoin
$7,215.000.245%
vechain
VeChain
$0.00643.64%

At the press time, the price of Vechain (VET) is $0.0064 after a decrease of more than 10 percent over the past twenty-four hours. The current market cap of the digital currency is $354.12 million. The trading volume of the digital currency over the past twenty-four hours is $36.30 million.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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