- VeChain crypto price is consolidating between a narrow range of $0.0369 and $0.0330.
- Technical indicators summary suggests a bullish signal in the current phase.
- The market cap of VET crypto has increased 3.18% during the intraday trading session.
VechainThor (VET) solves major blockchain adoption hurdles and is known as a pioneer in real-world enterprise applications. It is a versatile enterprise-grade L1 smart contract platform.
VET crypto has demonstrated itself as one of the fastest-growing cryptocurrencies. Regarding market cap, it stands among the world’s top 50 most dominant cryptocurrencies.
VET Crypto, Price Performance, Supply Changes, Valuation & Distribution
All began in September 2023, when the VeChain crypto price gained positive appreciation from investors. The crypto experienced profitability for four consecutive months, resulting in 100% growth. However, the initial profit bookings happened in January 2024, which reflected a 17.87% decline.
After the price rise in February 2024, the VET crypto faced adverse remarks in March and April 2024, ending up declining almost 30%. However, the price is currently dwelling above a major demand zone, which could be a trampoline for the price. The current market capitalization of the VeChain stands at $2.57.
This project has released over 72.71 billion tokens in current circulation. The maximum supply of the crypto is capped at 86.71 billion with a fully diluted valuation of $3.07 billion. The volume-to-market cap ratio is at 1.77%. The crypto is reflecting higher liquidity on the Binance exchange with the VET/USDT cryptocurrency pair.
Allocation of VeChain tokens: the initial token distribution is broadly categorized in the following ways:
![Vet](https://themarketperiodical.com/wp-content/uploads/2024/05/image-376.webp)
- 5.00% is allocated to the Team
- 41.00% is allocated to the Crowdsale
- 9.72% is allocated to the Enterprise Investors
- 13.28% is allocated to the Burned
- 9.00% is allocated to the Private Investors
- 22.00% is allocated to the Operation Development
Technical Analysis of the VeChain (VET/USD)
![Vet](https://themarketperiodical.com/wp-content/uploads/2024/05/image-377-1024x447.png)
The current price is moving between the key exponential moving averages (EMAs), reflecting uncertainty in the trend. Currently, the 200-day EMA acts as dynamic support, and the 50-day EMA acts as dynamic resistance.
VET price broke below the $0.0369 support level and entered the consolidation phase. The price fluctuates between the narrow range of $0.0369 and $0.0330.
The buyers and sellers are showing equal strength in the current sessions. Regarding the market technical analysis, the VeChain price reflects both directional possibilities at the current session.
The relative strength index (RSI) has shown an internal bullish divergence in the price momentum. This reflects the increasing strength of bulls in the current phase. The RSI is moving at 46.25 above the SMA line.
Summary
Since February 2024, the VET crypto price has been experiencing a bullish correction phase. However, the bearish strength is weakening in the current session, which could be a positive sign for bulls. Regarding the market technical analysis, the VeChain price reflects both directional possibilities at the current session.
Technical Levels
When writing, the immediate resistance for VET was $0.0434, while the $0.0330 level was the next support. An upsurge in price can be expected above the upper resistance level. Similarly, a drop below the mentioned support level can lead to a fall to lower levels.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.