- VeChain (VET) and VeThor (VTHO) saw price surges after Coinbase listing.
- VeChain is collaborating with Vyvo Smart Chain for health data management.
- VeChain’s VeCarbon helped Huabao New Energy achieve Amazon’s Climate Pledge Certification.
Following their listing on Coinbase, VeChain
Additionally, data from DeFiLlama indicates that VeChain’s trading volume has seen its largest increase since February. Nonetheless, the project’s TVL persistently shows a downward trend.
Moreover, LunarCrush data indicates a significant increase in social engagement metrics for VET, with a rise of 38.88% in social mentions and a 69.52% increase in engagements. In the same vein, VeThor’s social presence has seen a dramatic surge of 1400%, accompanied by a 439.2% spike in both mentions and social dominance.
VeChain’s Advancing Horizons
VeChain has been forming important alliances that could impact its value in the long run. Notably, the firm is collaborating with Vyvo Smart Chain to enhance blockchain compatibility and transform health data management.
VeChain’s carbon management solution, VeCarbon, has also successfully assisted Huabao New Energy’s Jackery SG 1000 portable power station in achieving Amazon’s Climate Pledge Friendly Certification. As a result, VeChain is deeply engaged in industries such as healthcare and environmental sustainability, potentially providing it with a competitive advantage in the challenging cryptocurrency market.
VET/USD Price Analysis
VeChain (VET) began the trading day for $0.01608 and has experienced a consistent increase in value over the past 24 hours, peaking at $0.01695 before experiencing a minor correction to its current price of $0.01636. This positive trend suggests significant buying pressure and demonstrates that investors have a positive outlook on the future of VeChain.
Should the upward trend surpass the resistance level of $0.01695, the subsequent level to observe would be approximately $0.01750. A breach above this point could suggest further increases in the price of VeChain.
Nonetheless, should the bulls lose momentum and the price fall beneath the $0.01636 support level, it could indicate a shift in market sentiment and a resurgence of selling pressure. Despite the 24-hour trading volume of VET decreasing by 48.41% to $51,353,775, its market capitalization increased by 0.42% to $1,189,644,712. This reduction in trading volume suggests profit realization and a decrease in overall market activity.
The stochastic RSI value of 4.10 on the VET/USD price chart suggests a diminishing bullish momentum, hinting at a potential reversal shortly. Traders are advised to exercise caution, contemplate realizing profits, or employ risk mitigation strategies.
Additionally, a Relative Strength Index (RSI) score of 53.51 and movement beneath its signal line suggest a potential shift in momentum. The change in the RSI further supports the idea that bullish momentum is decreasing, adding weight to the possibility of a reversal. Nonetheless, if the RSI remains above 50, the momentum could regain power and maintain a positive trajectory.
The Money Flow Index currently stands at 51.68, indicating continued buying pressure in the market due to an upward trend. This suggests that buyers still have strong demand, even though the positive trend is slowly declining. However, if the MFI starts to decrease and falls below 50, it could indicate a shift towards selling pressure as the demand starts to decrease.
To sum up, VeChain (VET) and VeThor (VTHO) are experiencing significant price increases and growing collaborations. Nevertheless, it is advisable to proceed with caution as signs suggest a possible change in the market.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
