In the altcoin department, things are not necessarily looking all that great at this time. Bitcoin’s sideways trading momentum causes similar bearish momentum for most alternative currencies. Veritaseum is one of the few exceptions in this regard, as the altcoin’s recent uptrend allowed it to re-enter the market cap top 70 again.
Veritaseum Price Momentum Intensifies
Even though a lot of cryptocurrency enthusiasts are not too sure what to make of Veritaseum, the current upward momentum cannot be overlooked whatsoever. A very strong gain has been forming over the past few hours, and it seems that situation may not necessarily come to change in the near future.
For Veritaseum, the current uptrend is shaping up pretty nicely. A 12% net gain in USD, BTC, and ETH value has pushed the Veritaseum price to nearly $45 in quick succession. This is still a very long way removed from its all-time high of over $450, albeit a very small gain needs to be welcomed with open arms in this regard. It seems evident this push will extend over the weekend, although that will mainly depend on the VERI trading volume. Right now, that particular aspect does not look overly promising by any means.
A recent video by Reggie Middleton seems to be bringing a lot of positive attention to Veritaseum at this time. It is evident there are a lot of positive developments coming to this particular altcoin’s ecosystem moving forward, Although hype usually creates a lot of positive market momentum, it remains to be seen if this trend will remain in place once the actual developments come to market.
— Bitcuriousmom (@bitcuriousmom) October 25, 2018
Speaking of the current market trend, it seems there is a very good chance the Veritaseum price will face some opposition moving forward. There is still a sign of short-term bullish momentum, although VERI seems overbought when looking at the bigger picture. That is pretty interesting, considering this altcoin has virtually no trading volume to speak of.
#VERI/USD APAC Snapshot 📷
Bias: Bullish short-term-overbought mid-term
Bullish gap for #veritaseum continuing on from an announcement on Oct. 26 snaking its way to $52 resistance
Overbought conditions on daily RSI so caution$VERI
— CoinDesk Markets (@CoinDeskMarkets) October 26, 2018
Michael Fitzgerald is trying to make more people aware of what Veritaseum has to offer exactly. More specifically, there is a bear asset known as VeGold, which is something a lot of people have overlooked in recent months. Although it might not necessarily be the hedge people are actively looking for, it certainly provides another interesting option to keep tabs on as time progresses.
— Michael Fitzgerald (@blockchainfitz) October 24, 2018
As is always the case in the cryptocurrency world, positive momentum and major setbacks can occur at any given moment. Veritaseum has turned very bullish with no real trading volume and seemingly little interest from traders overall. Even so, there is no reason why this trend can’t continue over the coming days, primarily because nothing warrants a price retrace at this time.