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VeChain (VET) Crypto Continues Bearish Trend Heading into Bitcoin Halving

While investors hoped that Bitcoin’s halving would boost the market, a number of major cryptocurrencies are on the decline today, including VeChain (VET).

VeChain (VET/USD) Retraces Back to Support. Can the Level Hold?

Down just 0.26%. VeChain has a price of $0.03831 (VET/USD). Over the last week, the price has declined fairly steadily, but today, the rate is erratic. That could indicate that VeChain is gearing up for a bull run.

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This token is performing similarly to how it did back in 2020, between the months of June and December. In that period, the coin grew more than 100% after it had pulled back early on. We may see something similar in the coming months. As VeChain declines, it may be revving up for a turnaround that leaves the price point significantly higher than where it was when the decline began.

What Could Spur a Bull Run for VeChain?

A number of analysts predict that VeChain could break out soon and soar much higher than its current price point. They are looking at indicators like past behavior as well as the upcoming Bitcoin halving.

The cryptocurrency market is expected to go through a surge very soon, as Bitcoin mining suddenly becomes twice as laborious. That halving is taking place on Friday and could have major repercussions for the crypto industry, especially in the short term. If Bitcoin surges, we expect VeChain to surge as well, benefitting from the influx of trading that Bitcoin will bring in.

Trade volume is very low for VeChain right now, but that could end up making it a coin that many people are sleeping on. VeChain has been overlooked for a little while, and it may be time to start paying closer attention to it. When it goes bullish, it is likely to do so gradually, so there should be time to invest before the coin starts to grow rapidly.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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