Vechain is down by 3 percent in today’s trading session, continuing a long-term bearish trend that has seen its value drop by almost 5 percent this week and 20 percent in December. The current bearish trend has also persisted throughout the year, which has resulted in an over 80 percent drop year-to-date.
Vechain hits 1 million Transactions per day
Despite the huge losses throughout the year, the news of Vechain reaching 1 million transactions per day has been met with excitement by some members of the crypto community. Many see this milestone as a sign of the growing adoption and recognition of Vechain’s solutions by businesses and organizations.
However, others remain cautious and are pointing to the overall bearish market trend as a potential reason for the drop in Vechain’s value. The crypto market has been volatile in recent months, with many coins and tokens experiencing significant losses.
It remains to be seen how the news of Vechain’s transaction milestone will impact its price in the long term. Some analysts are optimistic that it could potentially lead to a turnaround in the asset’s value, while others caution that it may not be enough to counteract the current bearish trend.
Regardless of the short-term price movements, Vechain continues to make progress in developing and implementing its solutions in various industries. Its partnerships with luxury brands and its work in the supply chain management space are expected to drive further adoption and use of the network in the future.
Will Vechain Recover in 2023?
As seen from the above analysis, Vechain continues to thrive, despite suffering heavy losses throughout the year. For many investors, their optimism about the recovery of Vechain lies on the fact that most of the downward trend has been a result of the current bear market of the crypto industry.
Therefore, many investors still remain optimistic that they might see a continued recovery of the Vechain in the markets. However, based on what we have seen throughout 2022, I remain skeptical about the chances of Vechain recovery, partly because there is a high chance that, in the first quarter of 2023, we might continue to see the current bear trend of the crypto industry continuing. There is also a high likelihood that, despite the platform hitting a million transactions per day, the milestone will not be translated into its value, and hence, might continue to trend downwards.
Based on the above fundamental analysis, I expect a high likelihood of Vechain trading below the $0.010 price level in the coming few weeks. There is a high likelihood that the current bearish trend will continue for the long-term, deep into the first quarter of 2023.