In the altcoin industry, there will always be mixed momentum over the course of a weekend. As the weekend is a notoriously bearish period, one would come to expect some altcoins to lose value regardless of where Bitcoin is headed. Today is no different, as the VeChain price is under pressure and might drop below $0.007 again.
VeChain Price Heads South Again
Although it seems to have gone relatively quiet where VeChain is concerned, the project is still faring quite well. In fact, there have been several major milestones for this project over the past 18 months, all of which could have influenced the price in a positive manner. Surprisingly, it seems this market continues to note bearish and sideways momentum despite everything that takes place behind the scenes.
Over the past 24 hours, the VeChain price has lost another 2.3% in USD value and 2.85% over Bitcoin. Because of these ongoing changes, one VET is now valued at $0.007012, or 132 Satoshi. Neither level will please traders and speculators, yet it seems unlikely any major changes will occur over the next few hours.
The bigger development involving VeChain this week comes in the form of a grant pool. Sunny Lu confirmed this $500m pool will incentivize developers and businesses to focus on VeChainThor development. Building new applications, solutions, and platforms is always a top priority, thus this announcement can genuinely shake up the market.
Daniele is genuinely convinced the current Vechain value is far below the price it should be at. While that is an argument like any other, it would appear the market makers disagree with that statement at this time. Adoption of a blockchain ecosystem doesn’t necessarily trigger a token price rise by any means.
When looking at the actual price chart, it becomes apparent there is a lot of pressure on the current support level. Assuming this level will not hold, there may be an even bigger price retrace ahead over the coming hours and days. How low the VET price can go, is up for debate, but the current outlook isn’t all that great.
When looking at the bigger picture, it quickly becomes apparent anything can happen where VeChain is concerned. Only time will tell if that is for better or worse, as the current trend may not be indicative of what is yet to come. At least, that is what most holders and traders hope for, at this point.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.