There is plenty of market momentum in the cryptocurrency world to take note of. For a Saturday, there is no real reason to complain about how things are progressing so far. The VeChain price is trying to mount some form of bull run, although it will take a lot more effort to ensure such a trend can materialize.
VeChain Price Momentum has Potential
Although most of the cryptocurrency-related discussions usually do not include VeChain, this altcoin and ecosystem should not be overlooked either. It is a project in the market cap top 25, which is an impressive feat in its own right. One issue VET has is how its trading volume is, even on the best of days, incredibly low. As such, there are hardly ever major price swings to get traders excited.
Over the past 24 hours, there has been a notable VeChain price increase. Following a 374% gain, the USD value of VET now sits at $0.007675. There is also a 1% gain in VET/BTC, as VeChain is now valued at 149 Satoshi. Both of these trends seem sustainable, even with just $11.78m in overall trading volume.
There are some very peculiar developments taking place behind the scenes which could warrant this most recent price change. Kenneth Ashley has successfully registered his own domain through the VeChain Name Service. VeChain is not the only project to offer this type of functionality by any means, but it seems some people see merit in using it, at least.
— Raleigh, CA (@Raleigh_CA) April 6, 2019
There is also an interesting discussion taking place regarding PlayTable. More specifically, this is expected to become the worlds’ first blockchain gaming console which makes use of VeChainThor. A very interesting concept which can have some major mainstream consequences down the line.
— Vechain Community Hub (@VechainThorCom) April 6, 2019
When it comes to the actual price chart, it would appear there is some further room for upward momentum over the next few hours. A small retrace might kick in in terms of VET/BTC, but nothing that would drastically upset the overall trend either. CryptoBezos seems to echo a similar sentiment, albeit it will always be uncertain as to how this market will move forward.
$VET #Vechain update +41%/ $BTC & 60%/ $USDT
🔸RSI still in our channel+MACD going up strong.
🔸Small bearish divergence against $BTC so I think we will have a small retrace which is good.
🔸 Great swingtrade. Still holding 40% of the bag. pic.twitter.com/mqwrFZbR0Y
— Bezos of crypto (@CryptoEzos) April 6, 2019
As is always the case in the cryptocurrency world, VeChain will move along with Bitcoin in either direction. For now, the world’s leading cryptocurrency is doing its job in this regard, although there isn’t any spectacular momentum to speak of either. VeChain may continue its push to $0.008, but it will take a fair bit of effort to get there.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.