With plenty of uneasy cryptocurrency market momentum to contend with at this time, there is a good chance some surprising things will happen today. The VeChain price is trying to move up in a decisive manner, although overcoming the key resistance levels will pose a big challenge. For now, the push to $0.006 is still in full effect. Once the trading volume picks up a bit, that value may not seem that far away.
VeChain Price Trend Tries to Become Solid
It is always interesting to see most of the top 25 markets move up when Bitcoin gets rid of most of the bearish pressure. While the world’s leading cryptocurrency itself isn’t moving up all that much, the rest of the markets are benefiting from it regardless. VeChain is an interesting example in that regard, although the main question is how high the value can go over the next few hours and days.
To recap the past 24 hours, there has been a notable 5.8% increase in the VeChain price. This brings the USD value to $0.005744, which is not all that bad at this time. There is also a 5% uptrend in VET/BTC, driving that ratio to 141 Satoshi. It seems unlikely the 150 Satoshi level will be reached anytime soon, especially with just $20.3m in overall trading volume.
On social media, there is some interesting sentiment toward VeChain at this time. Jason Rockwood is one of those people who is more keen on checking what applications will be built on top of this ecosystem, rather than just looking at price charts. It is evident the community has high hopes for applications and platforms to be built on top of VeChainThor, although it remains to be seen how things will play out.
The focus of 2019 is developer adoption for #creatingvaluabletxs. And wow is this kind of article exciting to read!
— Jason Rockwood (@jasonrockwood) March 21, 2019
Crypto Robin, on the other hand, is extremely excited about the upcoming VeChain Summit of 2019. As this event will occur in April of 2019, there are plenty of rumors circulating on the internet regarding potential announcements and developers. So far, nothing has been officially confirmed in this regard. Meeting people’s expectations during events like these will always be a double-edged blade. Pleasing everyone is impossible, even under the best of circumstances.
It's official. I booked my plane ticket for #VeChainSummit2019 next month! It'll be my first time in #SanFrancisco, so I look forward to seeing the city. I can't wait to hear all the speakers, especially @kfeng027, @sunshinelu24 and @lucacrisciotti!! $VET #VeChain
— Crypto Robin (@CryptoSirRobin) March 21, 2019
As is always the case, there are plenty of people who watch the charts like a hawk to make the most money. Mind Trader is one of those individuals who expect the VET/BTC resistance to cause problems near 143 Satoshi. With the support at 136 Sats, however, no real downtrend should occur if that level can’t be broken. A breakout above 143 Satoshi could trigger a pretty big next leg up, though.
$VETBTC (#Binance) Resistance 143 and near support now at 136 and below that strong structure support at 127, if break out above 143 then next target will be 159. #VET #VeChain Plz RT & SHARE 🙏🙏🙏 pic.twitter.com/sXP7LNgrph
— Mind Trader (@mindandtrading) March 21, 2019
While it would appear the VeChain market is in a pretty good place right now, it is impossible to determine what will come next for this market. As long as Bitcoin’s overall momentum remains rather indecisive, there are thousands of possible outcomes to contend with. The lack of actual trading volume could prove to be problematic first and foremost, although it hasn’t held this particular market back in the past either.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.