VET/USD Forecast: Vechain Continues to Look Like Death

Christopher Lewis

This is a market that is going to either build a long-term base, or disappear altogether.

Vechain has fallen a bit during the trading session on Thursday as we continue to see crypto markets take a punch to the face. Once thought of as a great ecosystem for keeping track of supply chains, Vechain has fallen apart and does not look like it’s ready to show any type of fight. At this point, the market is very likely to go underneath the $0.002 level, perhaps even down to the $0.01 area.

When you look at this chart, there’s absolutely nothing good about it, and it certainly looks as if any rally at this juncture is something that should be sold into unless we can break significantly above the 50 Day EMA. That being said, one of the biggest themes in crypto right now is that a lot of the ecosystems are going to go bankrupt. I’m not sure this one will, and quite frankly I like the idea of it, but the fact that it is beholden to the Chinese has a lot of people concerned, and more likely than not there will be some type of competitor that causes major issues.

When you look at this chart, it’s almost impossible to imagine a scenario where it should be bought, unless you have the ability to hang on to coins and wait for years. In fact, I can say this about a lot of different markets, and at this point, I think you have plenty of time to build anything out. In fact, there is a lot of money to be made if we do turn around, but as I keep saying with most of these markets, you have to be prepared to lose all of your money. This is why you can build up a little bit of a position at a time and be very patient. You should never put more money than you’re prepared to lose in the markets anyway, but that’s especially true with crypto at the moment.

Vechain has landed large contracts in China, mainly with Walmart. However, we have seen a real slowdown in the adoption of crypto, and it has taken a bit of a backseat for most corporations. Vechain certainly needs to see corporate adoption to be useful, because it’s not really used as a payment system. That being said, this is a market that is going to either build a long-term base, or disappear altogether.

Vechain chart

Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

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