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Vechain VET price data analysis; 3 months of consolidation down the drain

VET price analysis 13 June 2013

VET was in the spotlight on June 25th as nearly every crypto enthusiast was shilling the coin on Twitter after it became known that the company had partnered up with Walmart.

However, the quick price surge of around 45% didn’t maintain its relevancy for too long, and within just a couple of days, the VET was back where it started before the consolidation.

Now though, after the sudden price drop in the crypto market, the VET has lost more than 3 months hard work consolidating its price point from a low of $0.0063 to a year high of $0.01 three weeks ago.

Now the price is down once again and it has already passed the crucial support level, heading towards the next one at $0.0063. Should the coin reach the price point from which its relevance on the market started this year, there’s a high chance that it can go even lower.

VET price chart

VET chart by Trading View

At the moment of writing this article, VET is barely maintaining $0.0067 price point, but the future looks bleak as BTC is poised to fall to around $9,600 taking most of the market with it, or for it to consolidate and resume its dominance, leaving most altcoins in the dust.

It’s not clear whether or not, the altcoin season in 2019 is going to start anytime soon, as most are saying that it should have started by now.

At least what we can say is that before Bitcoin doesn’t top out its potential on market dominance, the VET will most likely not have too much room for growth.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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