The price of VeChain (VET) has been falling for several days now.
In fact, after reaching an all-time high about two months ago, or April 19, 2021, hitting almost $ 0.3, it has since lost 74%, and is now hovering around $ 0.07.
In the past seven days, it has lost 37%, although in reality it is still well above $ 0.02 at the end of 2020.
Indeed, compared to a year ago the current price is 736% higher.
What formed on the VET price starting from March seems to have been a real speculative bubble, which then burst on 11 May.
In fact, despite having grown by 150% from the end of December to the beginning of March, the price then shot up further by 500% in a month and a half, so much so that it did not hold up to those levels and then fell back by 74%. However, the current price level ($ 0.07) is still higher than at the beginning of March ($ 0.05).
VeChain price predictions
It is therefore not surprising that pessimistic forecasts are circulating on the price of VeChain in the short term.
For example, yesterday Crispus Nyaga on InvestingCube claimed a further decline to the $ 0.07 level, which then came true.
The fact is that the price of VeChain right now is still under a lot of pressure, due to the fact that some of those who have invested in this cryptocurrency during the rise of the past months have started to exit, lately, liquidating their positions. Furthermore, the general sentiment of the crypto market is also not positive at all, and this further plays against it.
According to FXStreet’s Sheldon McIntyre , the price could move further downwards to target the low of this period of $ 0.065 hit on May 23, which is a further 7% drop from the current level.
However, McIntyre also speculates that, once it falls to this figure, it could also continue to fall and reposition itself around the $ 0.042 touched on May 19. If so, it would be -40% from current levels, and -86% from April highs.
A similar level would also be lower than at the beginning of March, but still twice as high as at the beginning of the year.
Note that after hitting $ 0.05 for the first time on February 13, the price of VET dropped below $ 0.04 at the end of February, before returning to $ 0.05 in early March. McIntyre’s hypothesis is essentially the one that could be reported around these levels.