- VeChain delivered 40% returns in June
- VET has performed amazingly since the March crash
- The milestone was highlighted in Binance’s monthly report
VeChain News Today – VeChain has delivered about 40% in gains in June. As of when this content was written, the price of VET is still moving in an upward trajectory after setting a local top at $0.022. The market action that has surrounded many altcoins is giving us the impression that an altcoin season may soon begin.
This possibility was explored in an initial analysis that highlighted how an altcoin season could be triggered by Bitcoin’s social dominance dropping significantly. Furthermore, the gains posted by Ethereum against Bitcoin is an indication of a coming altcoin season as the coin is set to thrive. Let us see more about how VeChain performed since June.
VeChain has Performed Well in June
One altcoin that’s doing well in the market is VeChain. According to the Binance research team, VeChain has performed well month in June delivering 40% in gains. The research team shared their observation in June’s edition of the monthly Binance report. In the trading report, they explained that the large-cap cryptos are experiencing stagnation in the market. The bulk of large-cap cryptos delivered negative returns.
Meanwhile, the mid and small-cap cryptos like LINK, ADA, IOST, BAT, and VET, delivered positive returns. Particularly, VET had a phenomenal month. The coin delivered more than 40% returns in June. The digital asset is set for a successful July. The impressive price performance of VET in June is very much evident just two weeks into July. This is great for VET considering the state of the market.
VeChain Delivered 40% Returns in June
From the daily chart for the VET/USDT trading pair, the following movement can be seen. Just like most digital assets, the price of VET dropped hard during the mid-March crash triggered by the coronavirus pandemic from $0.006 to $0.0015. Since then, the digital asset has regained the losses. It printed a local top at $0.022 on June 8. This is an impressive 14.67% increase from the $0.0015 local bottom. The parabolic move by VET/USD is set for a correction due to the exhausted daily MACD.
Furthermore, the trade volume of VeChain has dropped. The 50-day MA (moving average) is providing an area of interest for the coin to bounce to $0.01. Taking profits is probably the best decision for the bulls. You should wait for a retracement before choosing to a longer time frame. As is the case with digital asset analysis and that of VeChain, the usage of stop losses and low leverage is recommended when trading on derivatives platforms like Binance exchange.
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.
