The Vechain price has been on a bumpy ride for the past seven days. Vechain has been among the worst performers in the overall cryptocurrency market, alongside Bitcoin, Ethereum, Cardano, Binance Coin, Ripple, and Dogecoin. The VET token has declined more than 26% in the past week.
VET Is Declining
Vechain (VET) is a blockchain-powered supply chain platform. The coin currently ranks as the 26th most valued digital asset in the world. It is slightly below Stellar and slightly above Ethereum Classic. The coin’s total market capitalization currently stands at $7.19 billion. The total volume of the VET token traded in the last 24 hours has jumped 24% to $542 million, indicating that more buyers are joining the trade. Therefore, the VET price could soon jump.
While there are no immediate catalysts to Vechain’s decline, most analysts have linked it to the decline in the Bitcoin price. Just like most virtual coins, Vechain has a close correlation to the world’s leading cryptocurrency. Recently, Bitcoin has been on a strong bear run, therefore, dampening the bullish sentiment in most cryptocurrencies.
However, despite Bitcoin’s substantial decline, some digital altcoins have been on a strong bullish run. Algorand and Elrond have jumped more than 50% in the past week. Tezos, Cosmos, Hedera Hashgraph, and Near Protocol have also been among the best performing coins in the global crypto market.
VET Technical Analysis
The daily chart indicates that the Vechain price has been under pressure for the past few days. It has been range-bound for the past six days. At the time of writing, the coin inched 6.40% lower at $0.1121.
It is trading below the 50-day and 200-day moving average, which is usually used as a bearish indicator. It is also moving above the 100-day moving average.
Therefore, the VET price is likely to face a minor retracement before bouncing back. The key support at $0.100 is likely to be the next logical target for the bears.