Will Bears Continue to Hamper Upward Momentum of VET?

VeChain price has come under the bear radar since July as seen from the YTD price chart

VeChain (VET) was able to maintain a slow and steady upward momentum till the end of June but with the bears getting stronger after that in the crypto market, the price went on continual decline. The YTD price chart indicates the prices fluctuating in the range of $0.003-$0.009.

VET to USD Price Analysis:

VeChain price had a good upward momentum till the volatility set in the crypto market in July as seen from the YTD price chart. From a low of $0.0036 on Feb 05, the price shot up to $0.0077 showing an upward jump to a whopping extent of 115.74% on Apr 07. It then went down slightly to the extent of 19.27% on May 13 at $0.0061. Again, the bulls got stronger and the price went up to $0.0091 on June 29, the rise being to the tune of 46.94%. The bears started putting pressure on the prices of major altcoins including VET. The price went down to $0.0043 on Sep 18, fall being to the extent of 52.64%. The current day’s price is at $0.0034, which is lower to the extent of 20.9%.

 VeChain had a slow start to the year but the price started slowly going upwards in a steady momentum. This upward swing continued till end of June. With the onset of July, the bears started getting stronger and exerting pressure on the price of the coin. The price downslide seems to continue for the short-term according to analysts’ VET Forecast and the bulls are expected to re-enter the market by the year-end.

Investors should hold on to their investments and keep a long-term perspective in mind. With the current crypto market volatility, short-term investors may not have much to gain, so should exercise a patient wait.