Vechain (VET) price analysis: A correction or end of the rally?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Mar 23, 2021
Updated: Mar 24, 2021
  • VeChain remains under pressure, but for now, there is no risk of the "bear" market
  • $0.070 represents a strong support level
  • VeChain expects more opportunities for high-impact business applications

The cryptocurrency market continues to be under pressure this trading week, the price of Bitcoin went below $53000 today, and the risk of further declines is not over yet. VeChain (VET) is also losing its value; in less than several hours, this cryptocurrency price has weakened from $0.099 to $0.079, and the current price stands around $0.081.

Fundamental analysis: VeChain expects more opportunities for high-impact business applications

VeChain is a blockchain platform designed to track enormous data through a trust-free and distributed business ecosystem. This platform does not face problems with delayed data transmission and derives its value from activities created by members.

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VeChain utilizes various technologies to monitor gigantic networks, and the main characteristic of this platform includes transparent information flow and efficient collaboration. VeChain has the best features from both the DeFi and CeFi sectors while expecting more opportunities for high-impact business applications in various industries.

“With the partnership with Grant Thornton Cyprus, one of the world’s largest professional services network of independent accounting and consulting member firms, VeChain intends to pair blockchain technology with the global network of Grant Thornton Cyprus clients. After becoming an official member of the China Animal Health And Food Safety Alliance as the sole public blockchain technology provider, VeChain will be providing technical and infrastructural support for over 130 enterprise and organization member council members.,” VeChain Foundation reported in the last financial executive report.

Vechain (VET) liquidity has risen dramatically, and the price of this cryptocurrency almost reached $0.10 this month. The cryptocurrency market is losing its value this Tuesday, the price of VeChain can weaken even more in the upcoming days, and maybe it is not the best moment to buy this cryptocurrency.

VeChain price has extended its correction from the record highs, but for now, there is no risk of the “bear” market.

Technical analysis: $0.070 represents a strong support level

Data source: tradingview.com

VeChain has extended its correction from the record highs, but if the price jumps again above $0.090 resistance, it would be a signal to buy VeChain (VET).

The next price target could be around $0.095 or even $0.010; still, if the price falls below $0.070, it would be a firm “sell” signal and probably a trend reversal sign.

Summary

Vechain (VET) liquidity has risen dramatically over the last several weeks, and it is important to say that this project expects more opportunities for high-impact business applications in various industries. The cryptocurrency market is losing its value this Tuesday, the price of VeChain (VET) can weaken even more in the upcoming days, and maybe it is not the best moment to buy this cryptocurrency.

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