VeChain price started strongly in the early hours of today’s trading session, surging by 3 per cent. However, the prices dropped by 4 per cent as the session progressed, and the crypto is currently trading below a percentage point of its opening price.
What is VeChain?
VeChain is an L1 smart contract platform designed to enhance supply chain management and business processes. It uses a distributed ledger network to streamline these processes and information flow for complex supply chains.
Since its founding, the platform has grown in popularity, partnering with major industry suppliers such as Walmart China, the US government, BMW, e.t.c. Today, it is ranked as the 30th largest cryptocurrency by market capitalization, which currently stands at over $1.7 billion.
VeChain Price Prediction
The current VeChain price action indicates the price has today hit a resistance level of $0.024. In the early hours of the trading session, the crypto was trading above the resistance level. It was also 3 per cent up from its opening price.
However, the prices have started to come down in the past few hours, and the current price of VeChain is down by a percentage point. The chart below also shows that the current intra-day bearish trend has momentum, indicating a possible continued push to the downside. This is despite VeChain gaining seven per cent in the past two days, and starting strongly in today’s trading session.
Therefore, my VeChain price prediction expects the prices to continue dropping throughout the session. There is a high likelihood that we will see the price wipe out yesterday’s gain in the next few trading sessions. I also expect, with the current momentum, the prices to trade below the $0.023 price level.
However, should the prices trade above the $0.025 price level, then my analysis will be invalidated. It will mean that, in the next few trading sessions, the bulls have won, and prices will be in an uptrend.