VeChain made investors happy lately, with the alternative token gaining approximately 8% within the previous week. While publishing this content, VET changed hands at $0.02396. The altcoin’s market cap stood at $1,737,838,130.
Though the ongoing bullish market contributed to the increase, VeChain’s ecosystem could have contributed to VET’s upsurge.
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For example, market players minted the NFT supporting the initial Inventory Monetization transfer on VeChainThor’s network. VeChain and Supply@Me released a statement about the developments. Developers expect the move to improve working capital access and cash flow for automobile industries in Italy, Africa, and the United States.
However, what does VeChain has for its enthusiasts as we enter the last months of the year? Assessing the crypto’s metrics clarified this case.
What Investors Need to Consider
Though VeChain’s blockchain stayed heated amidst the highlighted developments, data from LunarCrush confirmed a different case. VET’s social mentions plunged substantially within the last few days. That showed the token had less popularity within the cryptocurrency space.
Assessing the DeFiLlama chart shows VET’s total value locked remained substantially lower than the previous week. That could mean a negative sign. Nevertheless, other metrics seemed promising, favoring the alternative token. For example, VeChain’s development activity surges sharply within the previous week.
Furthermore, the alt’s Binance funding rates maintained consistent highs. That confirmed a climbing interest within the derivatives market.
Incoming Good News
VET’s daily chart indicators suggested lucrative days ahead for the token (like most cryptocurrencies). The OBV (on-balance volume) and MFI (Money Flow Index) recorded upticks. That might translate to a bullish signal. Furthermore, the EMA (Exponential Moving Average) Ribbon confirmed that the bearish dominance might end soon.
The Bollinger Bands shows the alt’s price is approaching a high volatility region. Thus, considering the market indicators, on-chain metrics, and developments, VeChain investors may sit and watch an anticipated continued price increase.
Nevertheless, VeChain enthusiasts should watch broad market sentiment for profitable decisions. Bulls attempted to retain the latest uptrends during this publication. Improved volumes remain essential for sustained uptrends. Time will tell.
We have more cryptocurrency news coming your way. Stay tuned.