VeChain’s 2024 Struggle: Can Strategic Partnerships Outweigh Bearish Trends?

VeChain, launched in 2015, has emerged as a major player in the blockchain space. Its VeChainThor public blockchain is an EVM-compatible L1 smart contract platform adaptable to various real-world needs, including supply chain, sustainability, carbon emissions, SDGs, DeFi, NFTs, and more.

The platform’s unique two-token model ensures low and stable transaction costs. Additionally, its Proof-Of-Authority consensus mechanism guarantees high throughput, scalability, and security with minimal energy consumption. The network has maintained zero downtime for over three years.

VeChain Technology has established a global presence with offices in China, Singapore, Luxembourg, Japan, France, San Marino, and the United States. The company’s independent development capabilities, combined with professional compliance guidance from PwC and DNV GL, have led to partnerships with top enterprises like Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, and ASI Group.

Currently, VeChain is trading at $0.025519, with a 24-hour trading volume of $45,642,336. The cryptocurrency has seen a 0.43% increase in the last 24 hours and has a market cap of $2,066,675,879. It has a circulating supply of 80,985,041,177 VET coins and a maximum supply of 86,712,634,466 VET coins.

However, 2024 has been challenging for VeChain. The supply chain-based cryptocurrency has seen little price movement, shedding most of its value in the last seven months. The VET/USDT price peaked in mid-February at around $0.05 but has since declined to around $0.02552.

Source: TradingView

Technical indicators suggest a bearish sentiment. The price is trading below both the Bollinger Bands middle line and the 200-day Exponential Moving Average. The MACD line is below the signal line and the zero line, indicating bearish momentum. Additionally, the RSI hovers around 45.98, showing neutral momentum.

Despite the bearish trend, VeChain’s advanced technology and strategic partnerships suggest potential for recovery. The cryptocurrency is trading below key moving averages, indicating continued bearish pressure. However, the RSI is not showing extreme oversold conditions, which could hint at a potential bounce.

By 2026, VeChain’s value could experience substantial changes, influenced by its technological advancements and partnerships. Consequently, investors and stakeholders are closely monitoring its performance. The future value of VeChain will depend on various factors, including market trends, technological developments, and adoption rates.