As was to be expected, there is a fair bit amount of bearish pressure affecting all cryptocurrencies right now. This trend has been forming for a little while now, although most traders expect the losses to be contained first and foremost. That may not necessarily be the case for all markets, as the VeChain price is losing a fair bit of value in rather quick succession.
VeChain Price Can’t Catch a Break
In the cryptocurrency world, there is never a price trend which has proven to be sustainable for the very long run. It seems such a trend will not necessarily materialize throughout 2019 either, although the rollercoaster ride is less apparent in recent months compared to previous years. As Bitcoin is dipping in the red once again, all of the alternative markets are quickly following suit at an alarming pace.
As far as the VeChain price is concerned, it seems the pressure is getting the best of this market in quick succession. With a 7.47% loss, the price has now dropped to $0.006810. In terms of VET/BTC, the pressure is also heating up, resulting in a 6.8% decline to 131 Satoshi. As the trading volume also seems to decrease significantly, one has to wonder if and when this market will rebound again. So far, there is no indicator that will happen right away.
Despite all of the negative price pressure, it shows the VeChain ecosystem is still firing on all cylinders. The partnership with DNV GL is slowly paying off, as the company’s “seal of approval” is now appearing on physical products. This is all made possible thanks to VeChain’s underpinning technology to bring a lot more transparency to products and their origin. A very prominent development, although one that will not necessarily influence the price in any way over the coming months and years.
So weird actually seeing the DNV GL ‘seal of approval’ on real products. I sometimes get so caught up in this digital world, I ‘forget’ #VeChain @DNVGL is trying to solve real-world problems, at a global scale. 👏👏👏
— Kwontik (@Kwontik) April 11, 2019
There is also another update regarding PlayTable, a project which seems to have caught a fair bit of attention in recent weeks. This new gaming device will be powered by VeChainThor’s blockchain. While the product has been in development for quite some time now, it appears the closed beta will be coming to an end very soon. No product ship date has been confirmed at this time, but it seems everything is coming together nicely.
Wondering when PlayTable is getting shipped? We’re in the middle of closed beta and eager to get more out once it’s ready!
PlayTable and Poker have come a long way, and we’ll announce after more features and bug fixes are in pic.twitter.com/u8BAeJAxCg
— PlayTable (@PlayTableUSA) November 15, 2018
For those who are merely watching the VET chart right now, it would appear this downtrend is not necessarily all that surprising. Lotus predicted there would be a price collapse in the near future. Depending on how things evolve, a drop to $0.0062 is not entirely out of the question. This is not what traders are looking for exactly, but there is very little one can do about it as of right now.
Update: As soon as the 55 EMA broke, the price collapsed as I showed in my tweet from earlier. Waiting to see how we react at .0066. Next stop would be .0062-.0063.#Vechain #crypto #VET pic.twitter.com/CvzgaKoEsP
— lotus 🍌 (@TheCryptoLotus) April 11, 2019
As is to be expected during bearish times like these, it seems unlikely VeChain or any similar markets will recover value in quick succession. Unless Bitcoin turns around again, there will be plenty of red across all charts, for rather obvious reasons. Even if Bitcoin goes on another bull run, VET may not be able to benefit, as its VET/BTC ratio will remain under a ton of pressure in the process.
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