The price of VeChain (VET) has been falling for several days now.
In fact, after reaching an all-time high about two months ago, on 19 April 2021, touching almost $0.3, it has since lost 74%, and now hovers around $0.07.
In the last seven days, it has lost 37%, although in reality it is still well above the $0.02 mark at the end of 2020.
Indeed, compared to a year ago, the current price is 736% higher.
What has been building up for the price of VET since March appears to have been a speculative bubble, which burst on 11 May.
Although the price rose by 150% from the end of December to the beginning of March, it then shot up by a further 500% in a month and a half, so much so that it could not sustain those levels and eventually fell by 74%. However, the current price level ($0.07) is still higher than at the beginning of March ($0.05).
Price predictions for VeChain
It is therefore not surprising that pessimistic short-term price forecasts for VeChain are circulating.
Yesterday Crispus Nyaga on InvestingCube suggested that VeChain’s price would fall further to the $0.07 level, which it did.
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 invested in this cryptocurrency during the rise of the past months have started to exit lately, liquidating their positions. In addition, the general sentiment in the crypto market is not at all positive, and this plays further against it.
According to FXStreet‘s Sheldon McIntyre, the price could head further downwards, aiming for this period’s low of $0.065 on 23 May, a further 7% drop from the current level.
However, McIntyre also speculates that once the price has fallen to that level, it could continue to fall, settling back around the $0.042 level of 19 May. If that were the case, it would be -40% from current levels and -86% from the April highs.
Such a level would also be lower than at the beginning of March, but twice as high as at the beginning of the year.
It should be noted that, after first touching $0.05 on 13 February, the price of VET fell below $0.04 at the end of February, before returning to $0.05 at the beginning of March. McIntyre’s hypothesis is that it could return to around these levels.
