The VeChain price has been under intense pressure in the past few days. VET has dropped to $0.088, which is about 68% below the highest level this year. This brought its market capitalization to more than $6 billion. It is the 20th biggest cryptocurrency in the world.
VeChain news: VeChain is a popular blockchain project started by Sunny Lu, the former Chief Information Officer (CIO) at Louis Vuitton in China. The platform helps developers build large and complicated blockchain projects that help to address logistics issues. Over the years, it has acquired popular clients like Walmart and BMW. The VeChain organization has also played in the Blockchain initiatives of the China Belt and Road Initiative.
Like all cryptocurrencies, VeChain has struggled lately as some of the investors who bought it during its climb started to exit. Also, the mood in the crypto industry has been relatively somber as volume has declined. There is rising fears that the Federal Reserve will start tightening the financial conditions, which will be negative for cryptocurrencies.
VeChain price prediction
On the daily chart, we see that the VET price has been under pressure in the past few days. This price has dropped below the 61.8% Fibonacci retracement level. It has also moved below the 25-day and 15-day moving average (MA). The VET/USD pair also seems to be forming a bearish pennant pattern that is usually a bearish sign.
Therefore, the pair will likely keep falling as bears target the next key support at $0.0702, which is about 22% below the current price. It is also along the 78.6% Fibonacci retracement level. However, a move above the 61.8% retracement level at $0.1145 will invalidate this trend.
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VET price chart
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