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VeChain Price Prediction: Is VET a Good Buy in December 2021?



VeChain experienced ups and downs in November. The price of VET initially jumped more than 45% between November 1st and 9th. After that, the coin plunged up to 45% as the uptrend subsided. That happened even when the prices of other cryptocurrencies like Bitcoin, Ethereum, and Ripple were falling.

Back to VET in November

VeChain is a platform powered by the VeChainThor blockchain. It is a proof-of-authority network. This assumes that the Nods have the same chances of releasing new blocks and receiving rewards. It is one of the leading blockchain platforms for the Internet of Things (IoT).

Today VeChain's network is used by many companies, especially in China. These include, for example, LVMH and Walmart China. These companies use the platform to improve their supply chains with the help of a decentralized blockchain.

In November, VeChain announced that it had become an official member of the China Non-Staple Good Circulation Association (CNFCA). Analysts believe that other members of this organization will adopt VeChain's technology. That the US company Deadstock VeChain The company also announced was used.

However, the momentum that prevailed a few months ago has subsided. At its peak, VeChain was among the top 15 largest cryptocurrencies in the world. Meanwhile, VeChain's market cap has dropped to around $ 7.9 billion and is currently ranked 26th in the industry.

There are two main reasons for this. First, since VeChain is primarily a Chinese blockchain network, demand fell when the country cracked down on cryptocurrencies.

Second, investors have taken an interest in other cryptocurrencies in recent months. Some of the best performing and best performing coins include Ethereum competitors like Avalanche, Algorand, Solana, and Terra. In addition, investors were intrigued by Metaverse Coins such as Sandbox, Decentraland and Gala.

The four-hour chart shows that the VET rate rose to a high of around $ 0.1867 in November. Since then, the coin has fallen to the Fibonacci retracement level of around 61.8%. At the same time, the coin has fallen below the moving averages for the past 25 and 50 days. It has also moved below the "neckline" of the head and shoulders pattern.

Hence, there is a likelihood that the VeChain price will fall for a period in December. If so, it will retest the 78.6% Fibonacci retracement level at $ 0.1040. The alternative scenario is that the coin will resume the uptrend when the Christmas rally intensifies.

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