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- VeChain (VET) outperformed 57% of the top 100 crypto assets.
- VET is among the top 50 tokens in the global crypto market.
The total value locked (TVL) in VeChain is worth $1.21 Million against a market cap of $2.138 Billion. The circulating supply of the token is 80.985 Billion VET, which is 93% of the maximum supply.
A decline in the traded volume of the VeChain token has been recorded in the last 24 hours, resulting in a traded value of $30.879 Million. The liquidity of the crypto further is certainly low, resulting in 1.44%.
It is the 40th largest cryptocurrency globally, with a market cap dominance of 0.09%. The sentiment of the token is further bearish, followed by the fear and greed index at 29.
The largest holder of the VeChain token has 9.20% of the total circulating supply, resulting in 7.977 Billion VET. Also, the top 10 holders of the token have 41.43% of the supply.
VeChain Token Derivatives Analysis
A decline of 53% in the derivatives traded volume of the token is recorded in the last 24 hours from press time. This resulted in a traded value of $16.80 Million.
The liquidation chart of the token shows a decline in the liquidation activity in recent days, which shows the need for more interest from traders and investors in the token.
The open interest of the token has advanced further by 3% in the last 24 hours from press time. The recorded short liquidation for the crypto further is at $9.78K.
Against this, the longs liquidated for the crypto in the last 24 hours were worth $1.08K.
VET Token Technical Analysis
The VET displayed consistent profit booking over the last five months, which led to a decline of 55% in price.
The declining token price led to the formation of a dynamic trendline followed by horizontal support. Also, a change of character level is situated at $0.028.
If the price of the token breaks above the given level, it will result in a breakout of the dynamic trendline and a change of character to bullish.
VET/USD Chart by TradingView
The supertrend is in a bearish trend, led by the price. The 50-day and the 200-day EMAs are trading in a death cross. The token’s price has been trading below the EMAs for a long time.
The MACD and the signal line are in a negative zone as both the metrics have declined below the zero level. Despite this, the metrics have formed a golden cross followed by bullish histograms on the chart.
The RSI has broken above the 14-day SMA and hit the 50-level, representing uncertainty in price momentum.
The VeChain token is on the verge of a breakout despite being outperformed by 57% of the top 100 crypto assets.
With a bearish sentiment and consistent profit booking, the token’s price has declined 55%. Key levels to watch include a potential breakout at $0.028, signaling a bullish change.
The support levels for VET are $0.0160 and $.020, followed by the resistances of $0.0360 and $0.0480.
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.
