VeChain (VET) price is playing out exactly as I predicted in my June forecast. The price of the native asset of the top Layer 1 blockchain has dropped to fresh quarterly lows as the Bitcoin flash crashed last night. The latest analysis predicts more downside for the coin in the coming days.
On Friday, crypto markets are showing a brief rebound after a flash crash on Thursday. The sellers are stepping over each other to get rid of their crypto bags as the liquidity dries up in cryptocurrencies. VET crypto plummeted to $0.01475 last night as the BTC price crashed below $25,000 on some exchanges.
VET Crypto Gains Bearish Outlook
As I have mentioned in many previous articles, the network activity and the corresponding TVL on the VeChain blockchain has dwindled in the last 18 months. According to DeFi Llama, the total locked value on the network has plummeted below $1 million from its 2021 peak of $35 million.
Many analysts attributed the ongoing sell-off to SpaceX selling its BTC holdings. However, the news turned out to be incorrect as the space exploration company only wrote off the value of its holdings by $373 million. Nevertheless, the fear in the market was enough to tank VeChain price to its lowest level since June 2023.
VeChain Price Bounces Off Key Support
In my June price analysis of VET crypto, I predicted a 47% drop. At that time, the price was trading at $0.021, which turned out to be the local top. Since then, the price has already corrected around 30%. Right now, the price is consolidating after a brief rebound from its $0.015 support.
VeChain price prediction flipped bearish for me when it failed to reclaim the range lows of $0.020. From that point onwards, all it needed was a little push which happened to be the Bitcoin crash. A breakdown below $0.015 support would be very cataclysmic, triggering further downside in the coming weeks.
In the meantime, I’ll keep sharing updated VET price analysis and my personal trades on my Twitter, where you are welcome to follow me.
