VeChain Price Analysis: VeChain (VET) Expected to Make a Bounce Back Soon; The Downward Trend Seized

ENN Energy Holdings Limited, one of the largest power sector company in China, has joined hands with VeChainThor Blockchain. The aim of this tie-up is to ensure optimal quality control and supply-chain management. Additionally according to VeChain News, Shanghai Gas, a state-owned company that supplies more than 90% of Shanghai’s total gas consumption, signed a strategic cooperation agreement with VeChain to develop a blockchain-based LNG solution.

Vechian Coin Current Statistics: 

• On July 26, at UTC 07:21, VeChain price was trading around $0.00574668.
• Against Bitcoin, the VET price was trading around 0.00000059 BTC per chip.
• Additionally, the Market Capitalisation of the VeChain cryptocurrency was around 320,945,602 USD.    
• At the same time, the 24-hour trading volume in the altcoin was 25,728,132 USD.
• With an ROI of -61.52%, the number of VeChain chips circulating in the market, at the above mentioned time, was 55,454,734,800 VET.

Vechian Price Comparison:

On July 01, VeChain price was trading around 0.00812382 USD. However, today after 25-days, the digital coin is trading with a decline of 29.3%. A similar action can be observed in the weekly trading, where the coin has gone down by a slightly of 3.49%, from 0.00595714 USD on July 20. Not to forget that the crypto has shown a stable movement in the last couple of days and yesterday after opening at 0.005922 USD, it closed at 0.005868 USD, with a decline of 0.91%. 

VET Price Prediction: 

VeChain has shown some stability in the last 2 days. The declining trend of the crypto is on hold for now. However, the bullish trend in the short term is still a long shot. As per our prediction, VET price might trade around 0.01 USD in the long term. The immediate resistance for the coin is at 0.005961 USD, and the support level is at 0.005536 USD.   

Conclusion: 

China is the largest market for cryptocurrencies and partnering with the Chinese government is a smart move for VeChain Foundation in the long term. Everyone is familiar with the law in China regarding the foreign industries and in that scenario, being in the side of government is a safe move. At the current level, investors should take a risk and go in for trading, as the VET price is expected to make a bounce back soon.