- VeChain price has risen sharply in the past seven days
- Bulls were leading the market and indicators were pointing to further growth.
Lukenchain revealed in a February 20 tweet that the price of the Chinese currency has been rising in recent days. VeChain (VET) There was a coin that saw massive growth, with a double-digit price increase.
Chinese coin prices are current. @mylesdeutscher The watch list is growing.$ key $cfx $ACH $ neo $FIL $movie $QTUM $FP $qcc $high $ television $coconuts pic.twitter.com/KYAMrF928W
– lookonchain (@lookonchain) February 20, 2023
realistic or not, here it is VET market capitalization in terms of BTC
According coin market capVET price has gained more than 38% in the last seven days and as of this writing, it is trading at $0.03162 with a market capitalization of more than $2.29 billion.
Interestingly, VET’s momentum has increased as its price has increased by more than 6% in the last 24 hours. One possible reason for this boom could be recent developments in its ecosystem. The latest such development was the WeWorld launch of VeChain, the new official wallet of the network.
We have exciting news! #weworld – Our new official wallet is now available: https://t.co/Yy8thhbvLm!
We are constantly lowering the barriers to entry #chain of blocks & build an optimal real world #web3 Atmosphere
build the future $FP! #WeChain pic.twitter.com/8VqCBAMX5z
– VeChain Foundation (@vechainofficial) February 20, 2023
the market is reacting
veterinary doctorThe daily chart shows that the market is dominated by bulls, which has pushed the price of the coin higher. The distance between the 20 day EMA and the 55 day EMA was widening, which suggests that the bulls are not being left behind. The MACD findings also complemented the EMA tape findings as they also suggested bullish gains in the market.
On top of that, Bollinger Bands show that veterinary doctorThe price was entering a zone of high volatility, increasing the chances of a sustained bullish move. Market indicators, combined with VeChain’s much-hyped upcoming “Hive” program, look pretty bullish for the network.
However, VET’s Chaikin Money Flow (CMF) registered a decline, indicating a bearish update. The RSI was another point of concern as it entered the overbought zone, raising the chances of triggering selling pressure.
Reading VeChain (VET) Price Prediction 2023-24
Is the boom all the hype?
The market reaction was not only in favor of FP, but some on-chain metrics also supported the price increase. For example, the positive sentiment around VET spiked, indicating confidence in the crypto community. veterinary doctorBinance’s funding rate for VET also increased twice last week, suggesting increased demand in the futures market.
However, VET development activity has decreased compared to the previous week, which is a negative sign, as it indicates less effort from developers to improve the network.
Source: Feeling
