- The trading price of the VET crypto has advanced by 71.7% in the last 30 days.
- The yearly inflation rate of the Vechain crypto is 0.28%.
VeChainThor, a public blockchain, integrates Ethereum’s core elements with innovative governance and economic models. It features meta-transactions, PoA consensus, and a two-token system (VET+VTHO) for efficiency and stability.
VET serves as the native cryptocurrency, enabling governance participation and rewarding VTHO generation. Sunny Lu founded VeChain, aiming for widespread blockchain adoption.
The Total Value Locked for the Vechain token is $1.2M, and the token’s market cap is $3.587B. It has witnessed an advance of 1.18% in the last 24 hours, and the market cap ranking of the crypto is #37.
The token’s trading volume has also witnessed an advance of 95.9%, resulting in a traded volume of $222.514M over the last 24 hours. Also, the token’s volume/market cap ratio is 6.17%.
Moreover, the market cap dominance of the crypto is 0.14%, and the volatility of the crypto is extremely high, resulting in 20.79%. Despite all this, the supply inflation of the crypto is very low, and the sentiment of the crypto is also neutral.
The fear and greed index of the token indicates extreme greed and is currently at 90, as per CoinCodex. Also, the all-time high price recorded for the VeChain token was $0.281 almost three years ago, and the price has declined by 82.7% since then.
VeChain Token Derivatives Data Overview
The derivatives trading volume for the token has witnessed an advance of 37.8% in the last 24 hours, which has resulted in a traded volume of $181.13M. Also, the open interest has advanced by 1.4%, resulting in $54.20M.
Moreover, the long/short ratio of the token is 0.9369, and the long liquidation for the crypto is worth $343.28K. Furthermore, the short liquidation is much lower than the long liquidation, resulting in $53.81K.
VET Crypto Technical Analysis
Following an expanding wedge pattern, the price of the VET crypto price has started to lose momentum and is currently forming uncertain candlesticks on the daily chart of the crypto.
Also, the VET token price has formed a range between $0.04096 and $0.05522, which is currently revolving around the same. If the crypto price further breaks in either direction, further momentum would be possible.
VET/USD Chart by TradingView
Based on the daily timeframe, two crucial Exponential Moving Averages, the 20-day and the 50-day EMAs, are trading in a golden cross. The price of the VET crypto is also trading above the EMAs.
Despite this positive behavior of the EMAs, a very crucial EMA of the 200-day period cannot be marked on the chart due to a lack of candlesticks on the daily chart.
The MACD and the signal line on the daily chart of the token are trading above the zero level. Despite this, both lines have formed a bearish cross, indicating the possibility of retracement in the crypto price.
The RSI is further sustaining above the level, slowly declining from the overbought zones, and dipping below the 14-day SMA. The following behavior of the oscillator represents a weakness in the price of the VET token.
Summary
The VET crypto’s price surged by 71.7% in 30 days, with a low yearly inflation rate of 0.28%. Despite a $3.587B market cap and $222.514M trading volume, the market sentiment is neutral with extreme greed. Technical analysis indicates uncertainty with a potential retracement, marked by bearish indicators and uncertain candlestick patterns.
Technical Levels:
- Support levels: $0.02726 and $0.04096
- Resistance levels: $0.05522 and $0.0600
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.