VeChain price has come under pressure in the past few months as the cryptocurrency winter continues. VET was trading at $0.022 on Thursday, where it has been in the past few days. It has crashed by more than 92% from the highest point in 2022. As a result, its total market cap has slipped to $1.6 billion, making it the 34th biggest cryptocurrency in the world.
VeChain has been in the spotlight this week as investors watched its relationship with Walmart, the biggest retailer in the world. The company said that the platform had handled over 700k transactions in three hours. The number then rose to over a million. Therefore, the developers believe that network will continue gaining more adoption in the coming months.
Meanwhile, the number of VeChain’s social mentions have done well in the past few days as shown in the chart below. Historically, an increase in social mentions is usually a sign that there is interest in a coin. While mentions and engagements have fallen, they remain at a substantially higher level than where they were a few weeks ago.
The other catalyst for the VeChain price is the upcoming Finality with One Bit vote that is scheduled for October. This vote will then be accompanied by the launch of VeVote, which is a decentralized voting platform.
VeChain price prediction
The weekly chart shows that the VET price has been in a strong bearish trend in the past few weeks. It was trading at $0.0226, which is an important level since it was the highest point in August 2020. The Relative Strength Index (RSI) has continued falling while the awesome oscillator has moved below the neutral level. At the same time, the 25 and 50-week moving averages have made a bearish crossover.
Therefore, the coin could be on the cusp of a major bearish breakout if bulls fail to move above this support. If this happens, we could see Vechain collapse to $0.0086. A move above the resistance at $0.028 will invalidate the bearish view.