After an attentive observation, one will undoubtedly agree to the fact Vechain is not at all having a great time in the market as of now.
The Crypto undoubtedly tried to maintain its position in the market and has been strengthing its thresholds for long. However, now it seems that it might need a bit more supply support. This is so because the scenarios are becoming increasingly tough for Vechain to handle.
PRESENT SCENARIO OF VECHAIN
Before analyzing the depths of this crypto, let’s look at where it stands at present.
As per the charts of 20th August, VET was observed trading around $0.004704.
At this point of time, the market ranking of the crypto was found to be at 32nd rank.
The ROI of the crypto lies somewhere near -69.29% whereas the 24 Hour Volume was 27,343,268 USD. Moreover, the market capitalization of the firm was found to be 256,118,982 USD.
As far as the Total supply and Circulating Supply is concerned, it is around 86,712,634,466 VET and 55,454,734,800 VET respectively. Whereas the 7 Day high as well as low was found to be 0.005306 USD and 0.004395 USD.
VeCHAIN’S BEARISH STORY
In order to understand the actual reason VET terribly fails to recover, its imperative for us to look through its bearish journey that doesn’t seem to end.
If we go back to the past, we will find that the VET was trading above the baseline at $0.006448. Truth be told, it was actually since then that the bearish trend started recently.
The value of VET then simple dropped by a large amount, i.e., 19.36% on 1st August. The value at that time was around $0.0052.
Since then, although the value tried to move up on 3rd August by 15.46%, the price of VET faced enormous downfalls.
In fact, on the 15th of August, the value tremendously dropped by 26.78% which made the crypto hit its lowest.
However, the value, as of now, seems to have grown up by 7.79%. This might be an uplift for VeChain but it’s not at all enough to recover its losses.
TIME TO FIGHT BACK
Since VeChain has been fighting its bearish trends for quite a long no it can quite clearly be seen that it is finding it difficult to overcome it.
In response to this, the majority of the analysts firmly believe in the fact that its high time for VeChain to come up with new and effective strategies that might boost up its performance.
Its, in fact, now time for VeChain to be capable of gathering some attention in the network.
As far as the present scenario is considered, VET seems to be quite popular but only among the short group. This is why it seems to be the right time when it might need a little more supply support.