VeChain (VET) is a Singapore based blockchain project that was created by the VeChain foundation. VeChain is a niche cryptocurrency, it aims to provide a blockchain platform for IOT-oriented services and projects. VeChain is one of the largest cryptocurrencies by market capitalization. VeChain has a total market capitalization of $405,202,475. There are also quite a number of VeChain in market circulation, a total of about 55,454,734,800.
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Bitcoin has been on a strong upswing in the price for quite some time now. This spike in price has affected the price of most of the other cryptocurrencies in some way. The Bitcoin price run has seen it go as high as $12, 000. However, the VeChain price seems not to have been affected by the spike in the price of Bitcoin.
A quick glance at the chart of the movement of the VeChain price for the month reveals some interesting things. The VeChain price had a couple of abrupt spikes in the month of June. The coin also had it’s highest trading price point for June at $0.00105.
VeChain has had quite a sluggish trend in the price for some time now. It has held a consistent price trend at around $0.00775 in recent times. The VeChain price did see a spike in price at around $0.00105 towards the end of June. The spike in price was, however, ultimately followed by a gradual correction to its original price range. The VeChain coin did have another upswing to about $0.00894 before coming down to its price range, below the $0.00778 price line.
The Simple Moving Average (SMA) of VeChain over a 20 day period is $0.00772. One of the ways in which the bearish nature of VeChain is evidenced by its trading below this SMA. At current trading pattern, the VeChain is actually trading beneath its 5-day SMA, further evidence of the bearish nature of the Singapore based coin.
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The Moving Average Convergence/Divergence (MACD) for the VeChain coin is also looking quite strong as the market progresses. In fact, the MACD for the VeChain has been on a steady bearish run for quite some time now. The Rising Strength Index (RSI) for the VeChain is also not showing any signs of an extreme swing to either side. VeChain’s RSI is actually firmly anchored above 40 right now.
VeChain (VET) Price Today – VET / USD
Going forward the price of VET might expect to see more resistance at around the $0.0075 price line. However, areas of support for the VeChain coin can be expected at around the $0.0071 price line and the $0.0069 price line. This should give some encouragement to investors in VeChain technology.
It is not yet quite clear what the future holds in store for the VeChain. However, it is certainly going to be interesting to watch what happens to VeChain and other coins as Bitcoin continues its upward rally.