- Both VET and VTHO’s social metrics increased last week.
- Technical indicators suggested a price correction for VTHO.
After analyzing the recent performance of VeChain [VET] and VeThor [VTHO], I must say that these tokens have been quite the rollercoaster ride for investors. The past week has seen both tokens surge significantly, with VET registering a 28% increase and VTHO recording an impressive 43% price hike in just one day – talk about keeping us on our toes!
In recent times, VeChain [VET] and VeThor [VTHO] have left investors pleasantly surprised due to their robust upward trends.
With the market trending positively for investors, it’s no surprise that these tokens have seen impressive increases. Consequently, AMBCrypto decided to delve deeper into these tokens to predict their future performance.
VeChain and VeThor’s bull run
As an analyst, I’ve observed an impressive surge in the price of VeChain (VET) over the past week. The coin saw a staggering increase of more than 28%. Even more noteworthy is the performance of VTHO, VeChain’s token for transaction fees, which experienced a significant jump of over 43% within a single day. This trend suggests potential growth opportunities in the VeChain ecosystem.
At the time of writing, these tokens were trading at $0.02546 and $0.002527, respectively.
According to AMBCrypto’s evaluation of data from Santiment, the surge in price seemed to have an influence on the social engagement metrics associated with those particular tokens as well.
It was observed that the social activity for both VET and VTHO has grown significantly, indicating an increase in their popularity. Furthermore, the sentiment associated with VET became more positive following a sharp decline.
This suggested that bullish sentiment around the token increased off late.
What to expect from VET and VTHO
After examining the on-chain data for both VET and VTHO, we wanted to determine if the price surge would persist. It was observed that the trading volumes for both tokens had risen significantly.
Whenever the metric rises amidst a price hike, it acts as a foundation for a bull rally.
The rising Open Interest for both VET and VTHO indicates a strong likelihood that the current market trend will persist.
Based on the chart provided by TradingView, the price of VET experienced a retreat following its touch of the upper boundary within the Bollinger Bands.
Currently, as I’m typing this, VeChain is getting close to its support level that aligns with its 20-day Simple Moving Average (SMA).
Simultaneously with that event, the Relative Strength Index (RSI) for VET started heading downward, suggesting a strong possibility that VET might test the level of its 20-day Simple Moving Average (SMA) as a potential support point.
In the past day, there was an enormous surge in the value of VTHO’s tokens.
Raising the token’s price beyond the top boundary of the Bollinger Bands suggests possible price adjustment or correction in the near future.
Read VeChain’s [VET] Price Prediction 2024–2025
In addition, the Relative Strength Index (RSI) for VTHO was situated within the overbought region. This usually suggests an increase in selling activity, potentially leading to a decrease in its price in the near future.
In the event of a price correction, investors might see VTHO falling to its support near $0.0020.
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2024-11-11 15:03