It is evident a lot of cryptocurrency users are hoping for the markets to recover sooner rather than later. As of right now, there is some minor positive momentum forming on the charts, although things are still not looking too great. Other than Bitcoin Cash, very few currencies are making a positive impact. The VeChain price is showing some signs of life as of right now, though.
VeChain Price Momentum is Forming
Over the past 24 hours, we haven’t seen too much positive momentum across all cryptocurrency markets. Most of the currencies, including Bitcoin, are subject to a lot of bearish momentum, and it seems this trend will not relent anytime soon. For the time being, any small uptrend seems to be squashed pretty quickly. With the VeChain price now moving up slightly, it will be interesting to see how long the momentum lasts.
More specifically, the VeChain price has increased by 5.37% over the past 24 hours, That in itself is not all that spectacular, but given the overall bearish sentiment across the entire industry, it is evident any small gain is a major success as of right now. Whether or not this means the VeChain price will remain above $4 for very long, is a different matter altogether. Right now, the trend seems to be positive overall, albeit it is a matter of time until people take profits and cash out.
It is also worth noting how the VeChan price is on the rise mainly thanks to gains over both Bitcoin and Ethereum. As both of those major currencies are still stuck in sideways momentum right now, this is an excellent time for altcoins to start making inroads in this regard. Unfortunately, most of the gains over either Bitcoin or Ethereum will usually dissolve pretty quickly. Whether or not this will be the fate of VeChain, is unknown. Should that happen, the VeChain price will certainly take a bad spill.
With $78.82m in 24-hour trading volume, it is evident the demand for VeChain is pretty solid. This is especially true when looking at how the overall cryptocurrency trading volume has now dipped below $12bn. As this overall volume continues to dwindle, it is only normal some of the smaller currencies will usually suffer from fewer trades. In the coming hours, the trading volume will have an impact on the VeChain price in one way or another.
As of right now, Lbank is the largest exchange when it comes to VEN trading volume. Their BTC pair is well ahead of Binance and Huobi in this regard. In fact, Lbnak generates over 69% of all VeChain trades right now, which is rather impressive and worrisome at the same time. Without this exchange, the demand for VEN would be a lot lower, which is more in line with how all other markets are performing right now.
It is unclear how high the VeChain price can go, given the current overall market sentiment. While surpassing $4 is a positive sign, one should always remain realistic in terms of future VeChain price expectations. as long as the Bitcoin price continues to underperform, there will be no major gains for any altcoins in the long run. Temporary trends such as this one can always form on the charters, but that doesn’t mean they will remain in place for more than a few hours.