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VeChain price bounce fading, return to support likely.

VeChain price has been struggling to hold its gains for the past few days and is currently down -3.30% to $ 0.1881 in Asian hours.

VeChain (VET) has seen volatile trading conditions since hitting an all-time high of $ 0.2798 on April 17th.

The coin had an excellent run in the first four months of 2021.

From January 1 to its peak just under a month ago, the VeCXhain price had risen 1300%. However, the past four weeks have not gone so well and VET has since lost 36% of its value.

Just 3 days ago, VeChain was classified as the 11th most valuable crypto asset. Today it slipped to 17th place with a market cap of $ 11.4 billion. In fairness, however, this is due to the fact that other crypto assets outperform this, as The Vechain’s price is largely unchanged.

What does VeChain

VeChain aims to address supply chain management problems. The platform uses the Internet of Things (IoT) technology to increase transparency and reduce costs.

See also

VeChain founder Sunny Lu was previously Chief Information Officer at Louis Vuitton China.

VeChain price outlook

If we look at the 4 hour chart we can see that Vechain fluctuated a lot over the past month. It has so far managed to stay above an uptrend that has been in place since the March low.

The trendline is currently at $ 0.1520, which is about 12% below the current price. I consider this to be an important threshold as the VeChain price has dropped sharply on previous visits to the line.

The last touch of the trendline was on May 12th and the coin rebounded 30% in the following two days. That jump seems to be easing for the moment.

I anticipate that VeChain price will return to this support soon and how the price performs at that level will be the key to its long term direction. If price cannot hold above trend, it is entirely possible that we will return to the April 23rd low of $ 0.1257.

If VET breaks above $ 0.1932 on Friday, it would negate the immediate bearish outlook.

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