Today may prove to be a good day for nearly all crypto assets after all. A sudden surge has emerged for the top currencies, which often benefits everything else. The VeChain price, for example, may finally approach $0.025 if this keeps up.
VeChain Price Momentum Intensifies
It is commendable to see a lot of different crypto assets attain a market cap of over $1 billion. VeChain is one of those coins, even though the move has been largely ignored by the masses. Compared to the VET value one year ago, there is a strong 316% increase in value.
What is always interesting is how altcoins perform against Bitcoin and Ethereum. VET Is doing an excellent job, as it notes gains across all markets alike. With both Bitcoin and Ethereum now pumping, there may be some volatility in this department over the coming hours and days,
Social Excitement Turns Bullish
Keeping tabs on the social aspects of every cryptocurrency will tell a very unique tale. As far as VeChain goes, there is a lot of social momentum. The number of posts and engagement have seen a hefty increase alongside with the VeChain price, even though the bullish sentiment has dropped ever so slightly.
What is intriguing is how there suddenly are more news articles pertaining to VET all of a sudden. This has been brewing for some time now due to the overall number of developments taking place behind the scenes. It is a very powerful blockchain with many potential use cases after all.
No one can deny that the perceived liquidity and actual liquidity are two very different things. For VeChain, the actual liquidity is strong, as over $1.74 billion has been recorded today so far. This puts VET in 15th place of all crypto assets, which seems to roughly coincide with the project’s market cap.
Given the real-world use cases of VeChain today, it is only normal that the VET price and liquidity remain this high. Not too long ago, it became apparent that Walmart was generating a lot of data clauses on the blockchain. Investors see these developments too and thus help influence all key trading statistics.
VeChain Price Technical Indicators
When looking at the actual trading chart, there is some cause for cautious short-term optimism. After successfully overcoming a recent price dip, all indicators are slowly turning bullish once again. There is sufficient liquidity and very little bearish pressure, albeit that situation can always change.
The moving averages tell a very interesting tale. Both the MA20 and MA50 appear to be moving higher, which would indicate a continuation of the VeChain price uptrend. The RSI also seems to be in neutral territory, albeit it is relatively neutral ever so slightly. This should not trigger a big drop, but it may be a sign of increasing volatility.