- VeChain and Cardano have Had Similar price movements
- VeChain and Cardano are among the best performing tokens this year
- VET’s YTD gains reached a high of 190%
VeChain News Today – the appreciation in the price of Bitcoin a few days back has reportedly had a profound effect on the overall value of cryptocurrencies. This move was expected because despite many people in the ecosystem expecting an altcoin season soon (in the near-term outlook) the world’s number one digital currency by market cap remains highly correlated to the market. At press time, the price of Bitcoin stood at $9510. BTC/USD also has a 24-hour trading volume of $6.4 billion.
The coin’s most recent price hike had a huge impact on the price of the bulk of the altcoins in the market. However, the scale of the impact was not uniform when the altcoins were compared to each other. Two digital assets namely VeChain and Cardano stood out.
VeChain and Cardano have Had Similar Price Movements
The price movement of VeChain has been mostly positive in recent months. VeChain has been one of the best performing digital assets in the market this year. The coin’s price managed to spike exponentially this July before it started retracing on the daily charts. Despite the appreciation of the price of Bitcoin and VET’s price hike that followed suit, VeChain is still down by at least 7% in the past seven days.
Note that VET’s YTD gains reached as high as 190% at press time. The tip of the Bollinger Bands appears to be contracting. This has underlined a fall in volatility for the digital asset in the near-term outlook. Furthermore, the MACD pattern for VET has gone through a bearish crossover via the 4-hour chart. VeChain has recently made the news after Peter Zhou, the project’s chief scientist declared that VeChain’s governance model was better than that of BTC and ETH in a recent webinar.
Bitcoin’s price hike hasn’t pushed Cardano’s Price Higher
Cardano has also done very well this year. ADA has noted YTD gains of more than 268%, at press time. July has seen the coin post exponential gains on the charts. The price of ADA even surged to new highs this month. However, this price action is now in the past. Since then onwards, the price of ADA has retraced and ADA is now down by 7% since it managed to touch its immediate resistance area. Bitcoin’s price hike hasn’t pushed ADA’s price to the area it reached a few weeks ago.
The coin’s retracement was evident in the ADA’s technical indicators. The Parabolic SAR’s dotted markers can be seen above the price candles which suggests a bearish signal. Contrary to this, the Chaikin Money Flow is dipping slightly although it is still above 0.20 which underlines the vast capital inflow into ADA.