VeChain price makes another attempt at $0.01
- VeChain's recent performance makes the coin stand out from the majority of the market.
- VeChain followed Bitcoin's lead until late May, when a string of positive news started.
- The news allowed VET to surge and reach its yearly high, although a strong barrier remains in the way.
Since the beginning of the year, most cryptocurrencies have followed a similar pattern — the same one that Bitcoin itself has set. The first two months of 2020 saw a price growth, followed by a strong correction which led directly into a mid-March crash. The recovery that came after the crash was strong, but in most cases, it didn’t match the heights seen in early February.
However, the situation appears to be quite different when it comes to VeChain (VET).
VeChain in 2020
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
VET seemingly had a similar performance as most other coins in the early days of the year. It started with a price of $0.0052, only to start following in BTC footsteps and growing as the weeks progressed.
When the bull run had finished, VET sat at around $0.0083, which was a decent increase, even though not particularly impressive. This was right around February 15th, which is where the rest of the market also stopped growing, and started seeing the first signs of a correction.
By March 1st, VeChain price has nearly returned to its value from the beginning of the year, and for a brief moment, it looked like the coin had managed to accumulate enough strength to make another surge.
It even started growing, reaching $0.006. However, that is when March 12th came about, and the price crash knocked it down, way past its support at $0.005. VET hit its yearly low at $0.0021, which was when it started growing once again.
VeChain after mid-March crash
The growth lasted for months, and it was rather steady, if slow. It brought the coin’s price back to the support, now turned into a resistance, at $0.005. This happened around April 27th, but the resistance was too strong and the coin too weak for it to be breached.
Even so, VET made a few attempts, suffering failure and small price rejections, but it mostly remained right next to this level. Things finally changed for the better on May 27th, only a few days after the news of the project being accepted in Chinese Walmarts made headlines.
VeChain started seeing a massive surge that took it back to the height of $0.007, but the resistance at this level rejected the price in early June. However, a string of positive news regarding the project — such as gaining recognition from the German government as being the best project for supply chain management — pushed it further up.
All of this made an impact, launching VEt to $0.01. However, this is its largest resistance yet this year, and it will take a lot to breach it. The project got rejected the first time, and now, it is ready to try again. Whether or not it will succeed still remains to be seen.