VeChain (VET) Price Analysis: A Downtrending Altcoin With Strong Future Projections 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • VeChain is on downshift with -5.9% overall loss. 
  • However, the community is planning and taking steps for its mass adoption in the crypto market which can provide fundamental boost soon. 

VeChain

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is a blockchain-based traceability solution that helps to simplify the process of authentication and tracking of products during the whole process of supply chain management.

It ranks 30th on the list of the world’s largest cryptocurrencies with the current market capitalization of $360,773,512 and the 24H volume traded of $199,875,875.

As the graph reflects, VeChain hasn’t been a significant altcoin in this year besides other altcoins performing very well at the same time. But it has shown its potential by making significant bullish movement in this month.

However, the positive movement was followed by a negative shift which brought the current price back to $0.0065.

FUNDAMENTAL ASPECTS 

The VeChain community is working on the mass adoption of Vechain in the cryptomarket to increase knowledge and trade at the same time.

ve tweet
Source: Twitter

On Feb 24, VeChain joined forces with one of the leading cryptocurrency exchanges in the world BITRUE through its strategic partner and advisor CREAM. This means that Bitrue will list the VTHO token in their listing. A VTHO/BTC pair had gone live on Feb 24. The distribution of token will be on a weekly basis

Source: Twitter

On 13th February, Binance Futures launched a perpetual contract for VeChain. The main purpose of the project is to prevent market manipulation so that the platform will implement a pricing limit.

There was other positive fundamental news for Vechain too. Some of them are:-

  • The largest state-controlled media company of China named VOICE OF CHINA promoted VeChain by publishing short information videos on their Yanshipin Platform.
  • On 19th February, VeChain announced its upgrade v1.3.0 which is focused to enhance the supply chain processes.

TECHNICAL ASPECT 

Source: Tradingview

The graph indicates the bullish momentum build by VET bulls from the starting of the month which was later followed by a significant downward trend. It can be said that the fundamental boost wasn’t very sustainable for the altcoin. Currently, it is resuming on its bearish momentum and is expected to touch its support level of $0.006.

The technical indicators suggest that bearish movement may sustain for VET for a while now as RSI is around the level of 50 with CCI dropping down to oversold territory. However, MACD levels reflect that there is still a minor buying phase going for VeChain in the crypto

market.

Resistance levels: $0.0068 and $0.0070

Support levels: $0.0060 and $0.0059

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