Another bullish day is in the books for Bitcoin and altcoins. All of the top markets are moving up swiftly, yet it appears the VeChain price is still a bit subdued. There is no real reason for concern, however, as it appears that things will return to normal fairly soon.
VeChain is a Booming Ecosystem
Although it may not seem like it to most onlookers, there are numerous developments taking place behind the scenes of VeChain. With numerous crucial partnerships in place, as well as plenty of projects making use of this native blockchain, the future is looking very interesting as far as Vechain is concerned.
Combined with a loyal group of followers, it is evident that Vechain hasn’t achieved a $1 billion market cap with just sheer luck. All of the developments taking place over the past few years have not gone by unnoticed, even if they don’t always receive the necessary media attention.
Accumulation Phase Kicked in
It has been an interesting month for all cryptocurrencies. Most markets noted very strong growth in recent weeks, after a lengthy period of accumulation. The VeChain chart shows the exact opposite. It has noted strong gains several weeks ago, and entered the accumulation range ever since.
This applies to both VET/USD and VET/BTC alike. Both of these price charts depict very similar patterns, indicating that something is bound to give in the near future. What that will mean for the VeChain price exactly, remains to be determined. Considering how VET is still up by 82.6% over the past 30 days, anything is possible.
Bullish Social Sentiment
Despite noting a small loss when other markets keep going up, VeChain still has plenty of bullish sentiment. More specifically, 70% of the community on social media are confident that the VeChain price will move up in the near future. There is a genuine chance that this outcome will come true.
On the other hand, every other social aspect pertaining to VET is decreasing. Far less social volume, engagement, contributions, and news volume is not looking all that great. That being said, it remains to be seen how all of this will evolve once the VeChain price starts moving up again.
Market Liquidity Looks Good
Another factor contributing to a new potential VeChain price rise is the liquid market cap. VeChain ranks in 15th place of all crypto assets right now. This puts the project ahead of NEO, Algorand, Ethereum Classic, IOTA, Dash, ZCash, and so on. It is an often underestimated statistic, yet one that can effectively tell a very different tale regarding the top cryptocurrencies.
Looking at the VeChain Price Indicators
Technical analysis of cryptocurrency is either voodoo magic or completely inaccurate. That being said, there are some interesting indicators for everyone to keep an eye on at all times. For the VeChain price, the Bollinger Bands are clearly narrowing, indicating that some big move – either up or down – will materialize in the near future.
There is also some MA20 and MA50 action to keep an eye on. The MA50 is looking to cross the MA20, which would indicate more bearish market momentum. However, the MA200 is still moving up, which shows there is ample momentum brewing. For now, the $0.0171 level will remain under pressure, but a breakout to $0.182 is certainly within the realm of possibilities.