- VeChain (VET)’s 93.39% of the maximum supply was circulating in the market.
- A slight decline in VET token price was recorded in the last 24 hours.
The total value locked for the VeChain token witnessed a strong decline over the last few months. At press time, it was valued at $509K. This showed a decline in investors’ confidence in the token.
VeChain was the 41st largest cryptocurrency in the global crypto market, with a market cap of $1.907 Billion. Additionally, the value of traded volume for the token declined by 7.5% over the last 24 hours.
Also, the token’s volume/market cap ratio was 0.83%, which resulted in very low liquidity. With an outstanding market presence, the token had a market cap dominance of 0.08%.
The supply inflation of the token was not defined, while the price was highly volatile, resulting in 9.7%. The sentiment for the token was neutral; the fear and greed index was at 26, reflecting fear among the traders.
The security score of the VeChain token was solid, resulting in 92.59 out of 100. It also belonged to the AA tier and had a global ranking of #25.
VeChain Token Derivatives Data Analysis
The open interest in the VeChain token declined by 3.9% to $29.24 Million in the last 24 hours, showing a decline in the token’s open positions.
The token’s traded volume value had advanced by 9.3%, resulting in a traded value of $16.52M. Additionally, more longs were liquidated over the last 24 hours, resulting in a value of $6.58K. This showed the dominance of sellers in the token price.
VET Token Technical Analysis
Over the past five months, VeChain (VET) has faced consistent selling pressure, resulting in a 55% price decline.
This downtrend has led to a dynamic trendline, supported by horizontal levels, highlighting a bearish market sentiment. A key level to watch is $0.033, which marks a critical point for market participants.
Despite these challenges, VET recently broke out above a descending triangle pattern, signaling a potential reversal. However, the token failed to sustain this breakout, leading to renewed profit-taking. This inability to hold higher levels indicated ongoing volatility and downward pressure.
Vechain Token Technical Indicator Analysis
The VET token has been trading below its 50-day and 200-day Exponential Moving Averages (EMAs) for an extended period, indicating a prolonged bearish trend.
A death cross in the EMAs further reinforced this downward movement, a strong indicator of continued market weakness.
VET/USD Chart by TradingView
Adding to the bearish outlook, the MACD and the signal line have also formed a death cross. It was accompanied by both metrics declining into negative territory. The accompanying histograms on the chart have also been negative, underscoring the prevailing bearish sentiment.
The RSI further confirmed this negative trend, having dropped below the 50-level and the 14-day Simple Moving Average (SMA). The RSI has remained below these levels for a considerable time, indicating sustained selling pressure.
Currently, the key support levels for VET are at $0.020 and $0.0230, while the resistance levels are at $0.0330 and $0.040. These levels will be critical in determining the token’s next move, with traders closely watching for potential breakouts or further declines.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.