The VeChain price has found a substantial support at $0.0660 this month. The coin is trading at $0.07933, which is about 30% above its lowest level in June. The coin has a market capitalization of more than $4.9 billion and is the 22nd biggest coin in the world. It is sandwiched between Dai and Ethereum Classic.
The background. VeChain is a fast growing blockchain network that helps companies build scalable decentralized applications. The platform has use cases in various sectors like retail and healthcare. For example, Bayer China is using the platform in its Csecure product for clinical trial supply chains.
Similarly, Walmart China is using its for food safety while DNV is using it for logistics purposes. Most companies using VeChain’s VeChainThor are from China since VeChain was started by a Chinese computer scientist.
Recently, the VeChain price has dropped by more than 72% in line with the performance of other cryptocurrencies. This drop has come mostly because of the ongoing crackdown in China and the ongoing fears of higher interest rates in the United States.
VeChain price prediction
The daily chart below shows that the VET price has found a major support at $0.0661. It has struggled moving below this level several times in March and in June. Along the way, the coin has moved below the 50, 100, and 200-day exponential moving averages (EMA). The 100-day and 50-day MAs have even made a bearish crossover. Further, the pair seems to have formed a bearish pennant pattern that is shown in blue.
Therefore, the coin will likely remain under pressure in the near term. This prediction will be confirmed if the price manages to drop below the support at $0.6610. However, a break above the resistance at $0.10 will invalidate this prediction. This forecast is in line with my previous outlook for the coin.
VET price chart
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