VeChain Price Analysis: VET Maintains Stability, Although Short Term is Bearish

VeChain Foundation recently attended Amazon Web Services (AWS) Global Beijing Summit. The foundation attended the Summit as a technology partner of AWS, where they showcased VeChain ToolChain and Various VeChainThor blockchain-powered use cases. According to VeChain News, the summit saw a presence of more than 200 AWS partner networks, including IBM, Xiaomi, and Deloitte, to have in-depth discussions on the best practices of cutting-edge cloud technology.

Current Statistics of VeChain: 

• The current trading price of VeChain (VET) against USD is $0.0050259.
• Against Bitcoin, the crypto was valued at around 0.00000042 BTC per chip.
• At present, the market rank of VeChain (VET) is 34th in the cryptocurrency market.
• The market capitalization of the coin is around 283,908,608 USD.
• At the same time, the 24-hour trading volume in the altcoin was 24,298,080 USD.
• With an ROI of -65.96%, the number of VeChain chips circulating in the market, at the time mentioned above is 55,454,734,800 VET.

VET to USD Price Comparison:

Let’s look at the variation in the VeChain Price throughout 25-days.

On July 12, VeChain (VET) was trading around 0.00644543 USD. However, today, the altcoin has declined by a substantial margin of 22.02%. The altcoin showed a similar trend in a week of trading where it went down by 9.17% from the level of 0.00555945 USD on July 31. Yesterday was a relatively stable day for the coin. With a marginal decline of 1.49%, VeChain wrapped the day at 0.005253 USD, after opening at 0.005333 USD.

VeChain Price Prediction:

According to our analysis, the flattening trend will persist for a few days more, and then there will be a bullish movement. In the long-term, VeChain might trade around 0.01 USD. As of now, the immediate resistance for the coin is at 0.00536233 USD, and the support level is at 0.00490 USD.

Conclusion:

Earlier this year, VeChain partnered with one of the biggest cloud technology partners Amazon, and the tie-up is turning out to be a smart move of the foundation. As far as trends are concerned, the short-term is no-doubt a bearish one. However, the stability in the crypto is a good sign and might be a prequel for the long due bull run.