The price of VeChain (VET) has been falling for several days.
In fact, after hitting an all-time high about two months ago, or on April 19, 2021, hitting almost $ 0.3, it has since lost 74% and is now hovering around $ 0.07.
In the last seven days, it has lost 37%, although in reality it is still well above $ 0.02 at the end of 2020.
In fact, compared to a year ago, the current price is 736% higher.
What formed in the price of FP from March appears to have been a veritable speculative bubble, which then burst on May 11.
In fact, despite having grown 150% from the end of December to the beginning of March, the price soared even more by 500% in a month and a half, so much that it did not stay at those levels and then fell by 74 %. However, the current price level ($ 0.07) is still higher than in early March ($ 0.05).
VeChain price predictions
Therefore, it is not surprising that pessimistic estimates are circulating about the price of VeChain in the short term.
For example yesterday Crispus nyaga on InvestingCube it claimed a further drop to the $ 0.07 level, which then came true.
The point is that VeChain price at the moment is still under a lot of pressure, Because some of those who have invested in this cryptocurrency during the rise of recent months have started to exit, lately, liquidating their positions. Also, the general sentiment of the crypto market is also not positive at all, and this works against it.
According Sheldon McIntyre of FXStreet, the price could move further lower to target this period's low of $ 0.065 reached on May 23, which is a further 7% drop from the current level.
However, McIntyre also speculates that once it falls to this figure, it could also continue to fall and reposition around the $ 0.042 touched on May 19. If so, it would be -40% from current levels and -86% from April highs.
A similar level would also be lower than in early March, but still double that of the beginning of the year.
Please note that after reaching $ 0.05 for the first time on Feb 13, VET's price fell below $ 0.04 in late February, before returning to $ 0.05 in early March. McIntyre's hypothesis is essentially the one that could be reported around these levels.