Just a couple of days ago did we see VET shoot up in the sky and finally become worth one cent. But that consolidation was cut short by an even more surprising BTC surge towards the $14,000 which it almost reached.
However, it seems like the whole market is in a downtrend right now, and VET is one of the worst victims of it. The coin has lost pretty much all of the gains it saw in the last few days, falling from $0.01 to $0.0077 at press time.
Although VET is a solid cryptocurrency with great potential in the future, it’s obvious that the community overestimated what the coin was capable of in such a small amount of time.
VET is notorious for its very slow growth and sometimes completely frozen price points in the market, therefore the massive 40% surge in just a few hours should have been an indication to everybody that it wasn’t going to last very long.
The BTC bear market was just salt on the wound that simply sped up the process.
Once the Walmart-VET partnerships begin in full swing, we may see yet another VET price consolidation, but until that happens, there’s very little the coin can do to resist the bearish sentiment.
At the moment VET is completely reliant on the market sentiment, once the bearish sentiment subsides, the coin has some room for consolidation, but unlikely to gain back what it has lost so far.
Nevertheless, the bearish downtrend should be a signal for the bulls to stock up in anticipation of the next uptick.