- In the last one year, the trading price of the VET token has advanced by 97%.
- The crypto is outperformed by Bitcoin and Ethereum.
VeChainThor is a public blockchain aimed at mass enterprise adoption, offering innovative features like meta-transactions, a PoA consensus mechanism, and a two-token economic model (VET+VTHO).
VET serves as fuel for transactions and governance, while VTHO pays for transaction fees. Founded by Sunny Lu, VeChain prioritizes trust, transparency, and usability.
The market cap of the Vechain crypto has been trading flat, resulting in a slight decline of 0.5% in the last 24 hours. Following this, the value of the traded volume also declined by 27%, resulting in $101.98M.
The following results in a volume/market cap ratio of 3.22%, followed by a market cap of $3.253B. Vechain is the 41st largest cryptocurrency in the global cryptocurrency market, with a market cap dominance of 0.12%.
The crypto’s volatility is also high, resulting in 6.84%, and its sentiment is bearish, as per Coincodex. The fear and greed index is at 81, indicating extreme greed among the traders.
The token was released on June 30, 2018, and hit its all-time high price of $0.2782 nearly three years ago. Also, the all-time low price recorded for the token is $0.001678, and the cryptocurrency’s price since then has advanced by 2555%.
VeChain Token Supply Overview
The current circulating supply of the Vechain crypto is 72.714B VET, 83.86% of the max supply. Moreover, the total supply of the crypto is 85.985B VET, followed by a maximum supply of 86.712B VET.
The fully diluted market cap of the Vechain token is $3.909B, and the circulating supply market cap of the crypto is $3.239B, as per Etherscan.io. Also, the on-chain market cap of the crypto is $44.554M.
VeChain Crypto Derivatives Analysis
The long/short ratio of the crypto is 0.9508, followed by a higher long liquidation of $85.24K in the last 24 hours. Also, the short liquidation for the crypto is $9.66K, and the derivatives trading volume of the token has declined by 24.5%.
The largest activity in the liquidation, following the most recent days, was witnessed on the 11th of February 2024, where the long liquidation for the token was $1.94M, followed by a short liquidation of $3.82K.
Vechain Price Vs Volume
While the token’s price is consistently rising to higher levels, there has been a good surge in the trading volume of the crypto, indicating strength in the trading price of the token.
The volume of crypto has declined after a tremendous surge, which indicates accumulation followed by consolidation in crypto’s trading prices.
VET Crypto Technical Analysis
The VET crypto price was captured inside a range for more than one and a half years and recently broke out above the same, followed by a surge in the trading volume.
The following data indicates a reliable breakout in the crypto price chart. It further shows that the trading price of the token might continue to advance to further higher levels in the future.
VET/USD Chart by TradingView.com
The price of the Vechain crypto is trading between the 20-day and the 50-day EMA. Despite this, the 50-day and the 200-day EMAs are trading in a golden cross. If the crypto’s price further breaks the previous swing high, as it is currently taking support at the 50-day EMA, a further surge in the trading price might be witnessed.
The MACD indicator, on the other hand, indicates a retracement in the crypto price as the MACD and the signal lines are trading in a bearish cross on the daily chart.
The RSI is following a bullish cycle, but its value has been consistently declining from the overbought zones and has gone below the 50-level. Therefore, if the RSI again breaks above the 50 level, a further gain in bullish momentum in the crypto is expected.
Summary
VeChain (VET) has surged 97% during the last year, breaking out of a consolidation phase. With high liquidity and innovative features like meta-transactions and a two-token model, VeChainThor prioritizes enterprise adoption. Recent price movements and technical indicators suggest a potential for further bullish momentum, especially with increasing trading volume.
Technical Levels:
- Support levels: $0.01467 and $0.02720
- Resistance levels: $0.16193 and $0.25624
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.