- Vechain price has outperformed 70% of the top 100 crypto assets last year.
- VET crypto has a good amount of liquidity based on its market cap.
VeChainThor, spearheaded by Sunny Lu, offers a public blockchain catering to enterprise adoption. It separates usage costs from speculation with features like meta-transactions and a two-token model (VET+VTHO). VET serves as a currency and governance tool, while VTHO fuels transactions. Sunny Lu’s background in luxury brands adds industry insight.
The trading volume for the Vechain crypto has increased 48% in the last 24 hours. This has resulted in a traded value of $216.198M, and the volume ranking of the crypto is #49.
The crypto market cap has been trading flat over the last 24 hours and has witnessed a slight decline of 0.31%, after which the crypto market cap value is $3.53B. This further results in a volume/market cap ratio of 6.28% and a market cap dominance of 0.13%.
The circulating supply of the crypto is 72.714B VET, which is 83.86%, followed by the maximum supply of the crypto at 86.712B VET. Also, the total supply of the crypto is 85.958B VET. This further results in a fully diluted market cap of $4.207B, and the on-chain market cap of the crypto is $47.35M.
The crypto volatility is also high, resulting in 5.78%, followed by a low supply inflation of 0.28%. The sentiment of the crypto is bullish, and the fear and greed index of the crypto is at 79, indicating extreme greed.
Vechain Crypto Derivatives Analysis
The recorded long liquidation for the crypto is worth $120.94K, while the short liquidation is slightly higher, which results in $149.34K. This further results in a long/short ratio of 0.9566.
The trading volume of crypto derivatives has increased by 64.53% in the last 24 hours. This results in a traded value of $176.21M. The open interest of the crypto further has witnessed an advance of 3.13%.
Social Dominance Vs Development Activity
The social dominance of the Vechain crypto is very low, while the development activity has witnessed a huge surge, indicating a possibility of updates in the blockchain of the crypto.
VET Crypto Technical Analysis
After consistently advancing to specific highs followed by a strong bullish trend, the price of the VET token is trading inside a consolidation zone. Whichever direction the price further breaks, it might continue the following side. Looking at the most recent price action, it can be seen that it is forming a bullish candlestick pattern on the charts.
GORILLA/USDT Chart by TradingView
After retracing from the 20-day and the 50-day EMA, the price of the VET crypto continues to advance to higher levels.
This is further followed by a golden cross of the 50-day and the 200-day EMA.
The MACD further gives a fresh, strong buy signal as the MACD and the signal line have formed a bullish crossover at the zero level on the chart.
The RSI has spiked to a level of 60 after taking support at 50. This further indicates a strong bullish momentum in the trading price of the crypto.
Summary
As VeChain consolidates, its price surge outpaces most top assets, boasting good liquidity and a high market cap. With features like meta-transactions and a two-token system, VeChainThor is poised for enterprise adoption. Recent technical analysis indicates bullish momentum, with potential for further gains as it breaks consolidation. Social dominance is low, but development activity is robust.
Technical Levels:
- Support levels: $0.03600 and $0.04200
- Resistance levels: $0.0550 and $0.100
Disclaimer
This article is for informational purposes only and provides no 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.