VeChain (VET) Price Analysis: Is Its Stability A Sign Of A Buy Opportunity?
VeChain Price Analysis; Is Its Stability A Sign Of A Buy Opportunity?
The last two weeks have been dramatic in the crypto market. Last week the market went through a dump that saw the market shed over $15 billion. During this time, bitcoin fell from just over $6,500 to just over $6,100. The effect of the number one cryptocurrency by value triggered a sell-off and a dramatic price fall on almost all other altcoins. However, while many coins were recording tremendous falls, one coin remained largely stable- at least in comparison to the rest.
VeChain has been going through a sideways trend- with no distinct trend, neither bulls nor bears are controlling it. Although this sounds ideal for some, it is always a risk since it is always easier for the bears to take control. So, what does this mean for VeChain?
Bears Or Bulls?
After weeks of trading around $0.012 and 0.013, last week’s crash saw the coin drop to just over $0.011. This in comparison to most coins was not as such a great loss especially given that the coin quickly found support and was able to hold off in that position. All throughout the week of the dump and during the weekend the coin traded over $0.011 and although the bulls were finding it hard to break the $0.012 resistance level, their $0.011 support level was looking strong.
On October 15, we saw the market undergo an impressive recovery that saw most coins regain their positions. Bitcoin climbed from $6,300 to hit $6,600. Unfortunately, not all coins were able to recover and record such impressive numbers, VeChain, rallied to over $0.012 but the bulls were unable to hold on to that position and shortly fell under the mark again.
At the time of writing this, VeChain is trading at $0.011677, it is likely that the prices remain stagnant but stable (unlikely bears will be taking over) until there is some positive momentum around the coin and or its project, triggering a bullish market.
VET/USD Price Chart, Wednesday October 17th:
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