Vechain holds the 32nd spot on the list of cryptocurrencies by market cap according to Coin Market Cap. The token was not exempted from the bloodbath in the crypto market yesterday as several cryptocurrencies lost double digits. Bitcoin also dropped below $10,000. Today, the market is in better shape and the altcoins are the biggest winners today. Litecoin leads the pack with 20% surge within 24 hours and this has been linked to the upcoming Litecoin Halving.
VeChain (VET) Price Today – VET / USD
Vechain Recovers From Price Dip
Vechain price fell to crucial support levels around $0.0050. within one week, VET price slid from $0.0051 to $0.0071. however, the market trend for the day shows that traders can expect the coin to remain in an upward trend.
VET is currently trading at $0.005488 according to Coin market cap. It has a total market cap of $304,333,419 with a 24-hour trading volume of $47,873,874.
The token started the year trading at $0.003958. VET price surged by more than 167% when it reached $0.0106 in the past 30 days. It recorded a 90-day high with this change that is considered phenomenal for an altcoin within such a short time. Considering the intraday movement of VET, the change is more than 18% as it traded from $0.0049 to $0.0058.
On July 18, the coin opened with a bullish trend and have traded above the baseline. The price of VET is moving steadily.
Analysts believe that the coin will face major resistance at $0.0058 if it moves beyond the trading price. Where it falls below the present trading price, its support level is around the $0.0050
Vechain Price Prediction: How High Can Vechain Go?
The market trends experienced today is expected to continue for the long term. Also, the platform’s recent update will help push the price to the moon. In a short while, Vechain price should bounce back above the $0.0106 level and stay around $0.015 by the year’s end.
How Hedge Funds Are Cracking Crypto Prices With Social Media
Social media is being used to search for clues about the performance of cryptocurrencies using new algorithms. This could also be a powerful tool for price prediction in the future.
Reuters report that asset managers and hedge funds are trying to gain an advantage in the crypto market by using social media to get data. They create computer algorithms that make use of social media metrics to predict the market movement accurately. So far, the models look to several social media platforms like Facebook, WeChat, Twitter and Reddit.
Since these platforms produce a massive amount of data daily, it may seem like a difficult task to get the right data. However, computers are capable of finding profitable trends.
Most of these programs rely on the analysis of sentiment. The process involves computer mining messages on social media to determine the overall investor mood towards various crypto assets.
Such companies are hoping that the crypto market would be more susceptible to sentiment trading. Many bitcoin investors do not have such authoritative data sources that the traditional markets have. Some include financial statements and economic indicators.