A lot of cryptocurrency enthusiasts hope to see their altcoin bag recover some lost value. In the case of VeChain, things seem to be heading int he right direction again. The VeChain price is approaching $0.015, and the market cap can reach $1 billion with some effort.
VeChain Price Momentum Swings
Similar to most other markets, the VeChain price has undergone some changes in the past 30 days. While the momentum for the year is still clearly bullish, this past month was anything but. On the 30-day chart, VET is still down by over 20%. Not the trend VeChain holders wanted to see, but it has been much of the same for all crypto markets.
This downtrend also affects the BTC and ETH ratio of VeChain. Following some gains in the past week, it appears that all three charts are reversing slowly. Overcoming the 20% dip will not be easy, but slow and steady can win the race just as well. If Bitcoin can stay near – or even above – $11,000 for a while, alternative markets are likely to get a healthy nudge.
Monthly Social Sentiment Remains Down
Despite a few bits of new coming out, the social momentum surrounding VET remains relatively low. Comparing it to a month ago, everything is down by between 20% and 35%. A strong decrease in spam volume is a good statistic, as there is far too much clutter in the crypto space already.
This “bearish” social sentiment can impact the VeChain price. Especially the bullish sentiment needs to turn around sooner rather than later. Once that happens, the social volume and engagement are likely to begin moving up as well. Recent news regarding the China Animal & Food Safety Alliance can provide a good nudge too.
Liquidity can Provide VeChain Price Stability
Looking at some of the other statistics, things continue to look promising. VeChain’s liquid market cap remains well above $1.2 billion, putting it ahead of Algorand, NEM, Uniswap, and so forth. It does appear that VeChain has slid down the rankings a bit, as it comes in 20th place at the time of writing.
Keeping the momentum going in this aspect will prove essential. With more liquidity, there is a bigger change of keeping the VeChain price “reversal” going a while longer. At the same time, more liquidity can also trigger extra volatility. A very tough balancing act, all things considered.
VET/USDT Technical Indicators
The actual VeChain price chart can often provide useful information. Looking at the weekly VET/USDT chart, it is evident the bearish momentum hasn’t subsided entirely. It will take a strong push to turn the most recent red candle into a green one. With a short body and relatively long wick, the market dumping should be coming to an end relatively soon.
This is also apparent when looking at the moving averages. The MA20 has moved above the MA50 again, and the RSI is angling up as well. Interesting momentum can be expected in the weeks to come. Figuring out the actual market direction remains a bit of a guessing game at this stage.
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