VeChain (VET) price is currently 43% down from its yearly high. VET crypto had a decent run at the start of 2023. However, the price action was reversed as the price failed to break above the August 2022 highs. Consequently, the price fell to its lowest level since December 2020.
Cryptocurrencies remained sideways on Friday as the BTC price battled with the key psychological level of $30,000. VeChain price outperformed most of the altcoins as the price had an 8.68% surge. At press time, the VET was trading at $0.0183.
VeChain TVL Plunges To All-Time Low
The TVL tracking site, DeFi Llama, reveals that the Total Locked Value (TVL) on the VeChain blockchain has been reduced to only $1.12 million. This is the lowest level in the history of the network and almost 97% down from its all-time high value of $33 million.
In other news, VeChain is going to host a web3 masterclass in Jacksonville, USA. The workshop will focus on Direct Developer Support, Microgrant Incentives, and Sustainability and will be held on June 25, 2023. Despite the constructive initiatives by the project, the VeChain price has remained in the downtrend.
VeChain Price Rebounds But There’s A Catch
VET crypto chart shows that the price is having a strong rebound after plunging to the lowest level since 2020. The price is up 38% in the last 2 weeks. While this is a very strong bounce from all standards, the bearish market structure remains intact on the higher timeframe.
VeChain price prediction can flip bullish once again if it closes a week above $0.021. This will mark a reclaim of the range lows and may initiate a strong upwards rally. This price action is only likely to occur if the BTC price gains strength above $30,000 in the coming days. A failure to reclaim the $0.021 level may send VET another 47% down from its current level.
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.
