The cryptocurrency market has been making notable dips over the past few days. The dips have been attributed to a market-wide selloff, leading to most coins making notable losses. VeChain is among the coins that have given into the bearish trend across the broader market.
VeChain is trading at $0.0771 at the time of writing after a 4.2% dip in 24 hours.
VeChain price analysis
VeChain has been on a notable downtrend since the beginning of the year. The dip has been consistent with the trend happening in the broader. At some point, the downtrend showed signs of reaching exhaustion, but any notable price gains are yet to occur.
If VET continues with the dip, it could push lower to the support at $0.075. A dip towards $0.070 or below could also happen if the entire market continues to trade in the red zone. Such dips could trigger buying pressure from traders that want to book profits. However, such a trend will depend on the gains being made by the broader market.
On the other hand, there is also the chance that VET could make an uptrend. Looking at the crypto charts at the moment, an uptrend will happen if buyers come back into the market. This could push VET towards the immediate resistance at $0.078. An uptrend above $0.080 could also happen in case of strong buying pressure.
Earlier on, VET attempted to breakout the bearish trend in the crypto market. The slight gains it had attempted were because of an announcement that the platform would launch a stablecoin dubbed VESD. The stablecoin is aimed at boosting the adoption of the blockchain network.
If VeChain launches stablecoin, it could make it convenient for developers to use the platform and for institutions to tap into the potential of the blockchain to boost their technological capabilities.
Where to buy VET
If you want to buy VET during the current dip, you can create an account on the following exchanges:
eToro is one of the leading exchange platforms. It supports a broad range of cryptocurrencies and trading pairs. eToro also has user-friendly features such as copy trading and low trading fees.
You can buy VET from Binance. Binance is the largest cryptocurrency exchange globally in terms of trading volumes. Binance charges some of the lowest trading fees, and it has a user-friendly interface for ease of use.
Your capital is at risk.