The price of VeChain (VET) was in the crypto news this morning for rising less than 1% and jumping with a strong resistance level. The truth is, VET has been up by a marginal 0.84% ver the last 24 hours – but more interesting is the fact that it recorded a significant hike of 13% since last week.
It all started when VeChain was traded at $0.00419107 on August 21 this year, after which the cryptocurrency started rising rapidly and making the VeChain news more and more popular. However, since it was not able to maintain its efficiency, the VET coin gradually started declining.
Despite the few rises in the first week of the month, the VeChain price reached a low of $0.00359908 on September 13. Even though it has risen upwards since the fall, the current trend shows that VeChain (VET) and its price may fall marginally in the near future.
The full VeChain price analysis from this morning shows that there is an upward rise of 13.
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77% in only a week. When we compare the price of VET today with the one seen on September 13, 2019 (priced at $0.00359908), we can see that VET is now stable and soon may find support at $0.00401.
When we see the price movement of VeChain from the last 4 days, we can see that the VET coin was initially seen trading at $0.003542 on October 4. Then, the price of the altcoin dropped by 7.63% and it reached $0.003272. The price of VeChain from this point escalated by 12% to the highest touch point of $0.003665 established early this morning. The value then dropped slightly by around 5% – but all of this shows that VeChain is in a good momentum lately.
What our traders advise is to purchase new coins as per the current trend. We can see a lot of energy surrounding altcoins as XRP, XLM and ZRX are leading the news today. The CMF indicator for VET also points out that the movement at present indicates a downward trend. This is why many traders are looking forward to investing in VET and gaining on the short-term basis.
The total cryptocurrency market cap today is at $225 billion and (besides a few altcoins), the market is in a consolidation period.
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