VeChain News Today – Headlines for May 9

  • The digital asset market is gaining momentum
  • VeChain is among the top altcoins making its way upwards
  • Ethereum and Stellar Lumens also record positive momentum

VeChain News Today – after a short period of sustained price corrections, it now appears that the digital asset market is beginning to find some momentum. This comes after the bulk of altcoins recorded gains over the last 24-hours of trade. The current state of the market should come as a relief because before now only a particular percentage of altcoins followed Bitcoin’s lead.

Recall that the largest asset by market cap recently hiked and consolidated as we approach its next halving in four days. Now, VeChain has joined the top coins for the week to show positive momentum. Let us see more below.

VeChain Posted Gains in the Past Seven Days

VeChain, the number 35 largest digital asset by market cap is reportedly one of the few digital assets that’s still making its way and recovering all the losses it incurred back during the March 12 downturn. As of when this content was written, the price of VeChain was changing hands at $0.005. Note that the price of VeChain is still far away from its last resistance point of $0.008.

However, the past few days the token has accrued some gains. Five of the last seven price candles all found to be green, is a sign that there is some level of bullishness for the digital asset. This position was highlighted by the Awesome Oscillator and Chaikin Money Flow.

Ethereum and Stellar Lumens Also Showing Positive Momentum

Ethereum’s recent gains over the last year were wiped out on March 12. But since then the price of ETH has recovered well. The altcoin is being traded at $212.02 at press time. ETH/USD was up by 3.5% in the last 24-hours which came as a relief for many. Ethereum’s positive momentum was highlighted by its technical indicators. The Parabolic SAR’s markers were below the price candles. RSI is currently positioned between the oversold and overbought areas.

Like Ethereum, Stellar’s price movements have been punctuated by dips that could stall the momentum and halt XLM’s uptrend. This was reversed, and the price of XLM climbed by 2.5% over the last 24-hours. XLM’s indicators didn’t appear to inspire confidence as the price of the crypto performed on the charts. The mouth of the Bollinger Bands remained uniform.

The MACD pattern also closed in on the Signal pattern to show a bullish crossover. Because Stellar’s final price candle via the chart is in the red zone, this might not become a reality. Stellar recently in the news after, the SDF (Stellar Development Foundation) announced its $5 million investment in Abra.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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