The VeChain price has been in a strong bearish trend as demand for the coin wanes. The VET price is trading at $0.050, which was about 82% below the highest level in 2021. It is hovering near the lowest level since March last year and has a total market capitalization of over $3.3 billion.
VeChain was once one of the hottest cryptocurrencies in the world. It dominated cryptocurrency rankings and Google and social media searches. As a result, its price surged, pushing its total market cap to more than $6 billion.
VeChain is relatively different from other popular cryptocurrencies like Ethereum and Solana. That’s because it is involved in the supply chain management industry, where it helps most companies solve their toughest challenges. Some of the companies that have embraced VeChain are LVMH, Walmart, and BMW.
Recently, however, the VeChain price has collapsed as demand for the coin has declined sharply. This drop is in line with the overall performance of other cryptocurrencies. It is also because of the fact that VeChain’s popularity has waned as investors have focused on other cryptocurrencies like Solana, Avalanche, and Terra.
VeChain price prediction
Turning to the daily chart, we see that the VET price has been in a spectacular decline in the past few months. The decline accelerated during the weekend as it dropped below the key support at $0.05, which was the lowest level in July last year. The coin has moved below the 25-day and 50-day moving averages. It has also moved below the neckline of the head and shoulders pattern.
Therefore, the coin will likely keep falling as bears target the next key support at $0.035. A move above the resistance at $0.06 will invalidate this view. The view is in line with my previous VeChain forecast.