VeChain cryptocurrency project gains great community trust

On Friday, May 6, VeChain’s (VET) price fell drastically after a short reprieve, with cryptocurrencies witnessing a brief market come back a day earlier before prices in the broader market crashed.

The live VeChain price is $0.046 with a 24-hour trading volume of $355,497 million. The current CoinMarketCap ranking is 34th. It has a circulating supply of 64.3 billion VET coins and a max supply of 86.7 billion VET coins.

As of now, VET has fallen by more than 10% in the last 24 hours, leading many cryptocurrency traders to speculate on where the DeFi asset will trade by the end of the month, given the volatility nature of the market.

The cryptocurrency community at CoinMarketCap, in particular, is bullish on the token’s price, forecasting that it will trade at $0.06589 by the end of May 2022. Specifically, the forecast price indicates a $0.01888 or 40.17% increase from the asset’s current value based on 2,296 votes. 

In other news, the votes of 1,043 community members for the end of June have set a slightly lower forecast than May’s, estimating that the coin, which offers a tracking solution that integrates blockchain and smart chip technology for monitoring individual products, would trade at $0.06524 (+38.83%) to the current price.

Currently, VeChain is trading at $0.04588, down 12.36% on the day and 7.96% in the last week, with a total market cap of $2.95 billion, according to CoinCu statistics.

The price of VET is currently trading at the hard support area of 0.0450; if the price breaks through this zone and leaves a bullish signal accompanied by high volume, there is an opportunity for the buyers to push the price up to the desired level by the end of this month.

Along with the red color currently flooding the market for both Bitcoin and altcoins, the level of risk when entering long positions is also relatively high at this time. On the weekly chart, however, we can see that this is relatively strong support for VET.

VET tokens may now be used to pay for real-world products and services using Alchemy Pay’s platform, a crypto payments system, where transactions cost less than a cent and can be completed instantly.

The supply chain-focused cryptocurrency, partnered with Alchemy Pay on April 27

In the end, whether or not these developments will have any impact on the asset’s price, as the crypto community believes, and how they will play out by the end of the month will depend a great deal on the rest of the market and if Bitcoin bulls can reclaim their footing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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