It will be interesting to see where all cryptocurrency markets will head next over the coming days. A lot of uneasy momentum remains where Bitcoin is concerned, which usually doesn’t bode too well for the altcoins either. For the VeChain price, the momentum is slowly turning bullish. Despite some rather minor gains across the board, the overall momentum seems rather positive under these circumstances.
VeChain Price Uptrend has Potential
It is not uncommon for altcoins to buck the overall cryptocurrency market trend these days. Considering how there is a good chance Bitcoin will not recover any of its lost value in the near future. If altcoins do not note strong gains over Bitcoin in the meantime, they will be subjected to even more pressure than usual. As such, it is interesting to see currencies such as VeChain try to inch ahead during this crucial time.
Over the past 24 hours, there have been some interesting VeChain price shifts to take note of. First of all, the altcoin gained 3.6% in USD value to bring the price back to $0.004211. In the VET/BTC ratio, a 3.81% increase can be noted. Because of this development, one VET is now valued at 118 Satoshi once again. Both trends seem remarkable positive for this altcoin under the current circumstances.
On social media, it would appear there is some excitement regarding a new project currently under development. Although it remains a bit unclear what the project is about exactly, the concept will undoubtedly bring some positive changes to the ecosystem as a whole. Any development will get holders and speculators excited.
When looking at the VeChain chart, however, things do not necessarily look all that great right now. The main question is whether or not this VET breakout can be supported for more than a few hours on end. It is evident this will be quite challenging first and foremost, even though the current gains look very promising. A few interesting days lie ahead for this altcoin, by the look of things.
$VET Just some wacky diagonals to watch
— mf’in Sal [bit Corn] (@ProofOfSal) January 22, 2019
Another Vechain chart seems to indicate there may very well be another price drop in the very near future. Although the altcoin recently saw a massive price reversal, the downtrend hasn’t been officially broken as of yet. At the same time, one could argue this is a new accumulation phase prior to noting a very sharp breakout. Only time will tell which option comes true in the end.
— funkin (@cryptopanicker) January 21, 2019
As is always the case in the cryptocurrency world, Bitcoin’s pace dictates the overall market momentum first and foremost. For now, that doesn’t look all that great, primarily because there isn’t much going on where Bitcoin is concerned. How this will affect the value of VeChain in the coming days, is difficult to predict. Anything and everything is possible in this volatile industry, especially following the bearish year 2018 turned out to be.
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.