November was a bittersweet month for the VeChain price. VET increased by more than 45 percent between November 1 and November 9th.
As the positive momentum faded, the coin’s price plummeted by as much as 45 percent. This occurred despite the fact that the prices of other coins, such as Bitcoin, Ethereum, and Ripple, were falling.
VET in November
The VeChain Thor blockchain power VeChain. This is VeChain, a blockchain-based platform that runs on the VeChainThor blockchain. This is a proof-of-authority network in which all nodes have an equal probability of publishing new blocks and receiving rewards. It is one of the most popular blockchain systems for the Internet of Things (IoT).
Numerous organizations, particularly those in China, employ VeChain’s network today. LVMH and Walmart China employs VeChain. These businesses utilize the platform’s decentralized approach to strengthen supply chains.
VeChain stated in November that it had joined the China Non-Staple Food Circulation Association as an official member (CNFCA). Analysts predict that a more significant number of participants in the national organization will use the technology. It also claimed that Deadstock, an American company that offers authentication solutions, uses its products.
Even so, the enthusiasm of a few months ago has faded. VeChain was formerly one of the top 15 most valuable cryptocurrencies in the world. VeChain’s market capitalization has plummeted to around $7.9 billion, making it the industry’s 26th largest.
Two main reasons for this are: First, since VeChain is primarily a Chinese blockchain network, its demand waned as the country started a crackdown on cryptocurrencies. Alternately, over the last few months, other forms of cryptocurrencies have fascinated investors. Among the stylish players were Ethereum-killers like Avalanche, Algorand, Solana, and Terra. Also, investors have been fascinated by metaverse coins like Sandbox, Decentra Land, and Gala.
The Warhorse price soared to a high of about $0.1867 in November. Since then, the coin has fallen by approximately 61.8 Fibonacci retracement position. At the same time, the coin has dropped below the 25-day and 50-day moving pars. It has also moved below the neckline of the head and shoulders pattern.
Thus, there is a liability that the VeChain price will drop for a while in December. This will see it drop and check the 78.6 Fibonacci retracement position at $0.1040. The indispensable script is where the coin resumes the bullish trend as the Santa Rally intensifies.