VeChain (VET) Price: Volume Increase Could Stall Plummeting Prices. Friday, October 26th
VeChain (VET) Volume Increase Could Stall Plummeting Prices
VeChain (VET) prices, which have been falling at a consistent rate over the past few days, have stalled and the cryptocurrency has found a foothold in the $0.011 range. The last few hours have seen an increase in volume, which too is an opposite direction than VeChain has been seeing. The recent shift can be attributed to news that VeChain is partnering with other firms in Cypress to help bring blockchain technology to the country. Upon the announcement, in the media, VeChain’s volume began to increase, and with it the fall in price began to stall. VeChain is currently trading at $0.010977, 2.84% lower than 24 hours ago.
VET/USD Price Chart, Friday October 26th:
Cypress Looking to Improve on Economic Development
The news out of Cypress, announcing the partnership with VeChain and other experts has helped to give the cryptocurrency some much needed utilitarian purposes that investors can actually see. Helping matters is the fact that the purpose comes in the form of a sovereign national government. According to Michalis P. Michael, Chairman of Invest Cyprus,
“We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region."
While it is still early, it is possible that further volume increases, and price gains will eventually follow, as more news of this venture gets announced, garnering more credibility for VeChain.
Immediate Gains Will Not Be Realized
Even with this news and slight increase in VeChain’s volume, the prices have not yet begun to turn northwards. This is a situation where it will take some time before we see any moves in the positive direction, as a direct result of the latest news. As the price is likely to continue to fall, albeit, at a slower rate of decline, it would be prudent to watch for signs of a reversal, as this would signal a time to buy.
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