VeChain’s native token, VET, is currently trading around $0.034, with trading volume up nearly 1.5% over the last 24 hours.
VET is based on the VeChain supply chain and recently turned green after trading in the red for more than seven days. Cryptocurrencies do not evoke bullish sentiments as they are slowly crawling on the price charts.
VeChain’s VET has been trading mostly sideways for over a month, which has led investors to opt for other digital assets that look more promising.
Now that VeChain is back on track, there is optimism surrounding VET to turn things around and lead to greener pastures.
CoinCodex, a popular price prediction and on-chain measurement company, predicted a bearish trend for VeChain. Based on price predictions and analysis, the token may experience more of a downtrend than an uptrend in May.
Estimates also predict VET prices to fall to nearly $0.031 in the coming years. However, it is possible that the cryptocurrency will recover briefly and reach $0.033 by the end of May. This is still about 0.6% down from its current value of $0.034.
Additionally, all technical indicators are pointing to VET sales in May. According to sentiment indicators, the cryptocurrency is 38% bullish and 62% bearish, so investors are advised to exercise caution before investing in VET tokens in May.
VeChain trading volume is also expected to decline, with $45 million traded in the last 24 hours. All these moves put pressure on VeChain price, causing the cryptocurrency to lose most of its gains. Overall, cryptocurrencies have little power to break out of the downtrend due to price stagnation.