VET and its History Of Price Movements

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In Brief
  • VET is in its third market cycle.

  • So far, it has reached an all-time high price of $0.036.

  • VET is attempting to validate the previous all-time high resistance as support.

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As with the majority of the cryptocurrency market, VeChain (VET) reached an all-time high price in the beginning of Jan. 2021.



 

The previous market cycles for VET have been relatively different from those of other coins. Its first one was downwards from the start. One of its few common points was when the coin hit an all-time low price on Mar. 2020.



In this article, we will take a look at the previous market cycles and compare them to the current one. Then we consider what could happen next.

First Market Cycle

The first market cycle for VET began on Jul. 28, 2018, one day after its listing, when it was trading at a high of $0.028.

VET began to decrease almost immediately afterwards. It lost 89% of its value over the next 142 days. A bottom in November led to a dead-cat bounce, but that was short-lived and the coin resumed its downward correction.

VET settled at a low of $0.0031 on Dec. 15, 2018, which was an all-time low price for the first cycle.

VET Chart By TradingView

Second Market Cycle

The second market cycle for VET began in Dec. 2018. It was much more gradual than the first one, since it increased by 266% over 192 days, for a daily rate of increase of 1.2%.

The ensuing correction was also nearly twice as long as the first one, though the rate of decrease was very similar, being 88%.

Interestingly, on Mar. 13, 2020, VET reached a new all-time low price of $0.0014. This was one time in which Vechain’s movements corresponded to the market – bitcoin hit its COVID-related low on this date.

Afterwards, VET began the third and current market cycle, which is still ongoing.

VET Chart By TradingView

VET’s Current Movement

The third and current cycle can be best split into two different movements. The first one transpired between Mar. – Nov. 2020. Over this time, VET increased by a whopping 1533% in only 149 days, for a daily rate of increase of more than 10%.

Afterwards, it corrected the entire move by decreasing by 63% in 88 days, reaching a low of $0.0086 on Nov. 5, 2020.

The ensuing upward movement was the catalyst for the all-time high price, since VET reached a high of $0.036 on Jan. 21, 2021. While the coin has decreased slightly since, it’s still up by 242% over the past 89 days, and is still trading above the previous all-time high price.

Since the coin is trading above the previous all-time high price, there is no resistance above the current price. Therefore, if it manages to validate the current level as support, the rate of increase can become parabolic due to the lack of overhead resistance.

VET Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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