VET Soars on Coinbase Listing, Will Bullish Momentum Persist?

VeChain (VET) and its offspring, VeThor (VTHO), have seen significant price rallies since their listing on Coinbase. According to data analytics firm Santiment, VET has seen a 9.4% price hike, while VTHO has sky-rocketed with an impressive 73.9% increase.

Moreover, DeFiLlama reports that VeChain’s volume experienced its most significant surge since February. However, the project’s TVL (Total Value Locked) continues to decline.

In addition, social engagement metrics are equally rising, with LunarCrush data showing that VET’s social mentions and engagements have increased by 38.88% and 69.52%, respectively. Furthermore, VeThor’s social concentrations surged by 1400%, with mentions and social dominance each spiking by 439.2%.

VeChain’s Expanding Horizons

VeChain has also been establishing crucial partnerships that could have long-term implications for its price. Significantly, the company is partnering with Vyvo Smart Chain to improve blockchain interoperability and revolutionize health data management.

Moreover, VeChain’s carbon management service, VeCarbon, has already helped Huabao New Energy’s Jackery SG 1000 portable power station earn Amazon’s Climate Pledge Friendly Certification. Consequently, VeChain is intensely involved in sectors like healthcare and environmental sustainability, which could give it an edge in the competitive crypto landscape.

VET/USD Price Analysis

After opening the day at $0.01608, the price of VeChain (VET) has risen steadily over the last 24 hours, reaching a high of $0.01695 before seeing a slight pullback to press time at $0.01636. This upward rise implies substantial purchasing pressure and indicates investors are bullish on VeChain’s prospects.

If bullish momentum breaks over the $0.01695 resistance level, the next level to monitor is around $0.01750. A break above this level might imply additional gains for VeChain’s price.

However, if the bulls lose steam and the price drops below the $0.01636 support level, it might signal a change in market mood and renewed selling pressure. Although VET’s 24-hour trading volume fell by 48.41% to $51,353,775, the market capitalization of VET rose by 0.42% to $1,189,644,712. This decline in trading volume conveys profit-taking and a drop in general market activity.

VET/USD 24-hour price chart (source: CoinStats)

On the VET/USD price chart, the stochastic RSI reading of 4.10 indicates that bullish momentum is fading, and a reversal might occur soon. This level warns traders to be cautious and consider taking gains or risk management methods.

Furthermore, a Relative Strength Index rating of 53.51 and movement below its signal line imply a possible change in momentum. The shift in the RSI provides more evidence that bullish momentum is waning and lends credence to the prospect of a reversal. However, while the RSI is still above 50, the momentum may recover strength and continue on a positive path.

With a rising trend and a current reading of 51.68, the Money Flow Index indicates ongoing purchasing pressure in the market. This level suggests that buyers still demand despite the waning positive trend. However, if the MFI begins to fall and drops below 50, it might signify a change towards selling pressure as demand wanes.

VET/USD price chart (source: TradingView)

In conclusion, VeChain (VET) and VeThor (VTHO) are riding high on recent price rallies and expanding partnerships. However, caution is warranted as indicators hint at a potential market shift.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.