VeChain Price Tries to Retake $5 as Support Builds

Cryptocurrency markets always evolve in strange ways during the weekend. For some currencies, this also helps them break a negative spiral more often than not. In the case of the VeChain price, today’s trend is a sight for sore eyes. After a full week of value declines, the VeChain price has now rebounded to $4.77.

VeChain Price Notes Strong Momentum

It has not been the best of weeks for VeChain price speculators. Every minor attempt at a small value increase has been squashed immediately and the price was pushed further down as a result. As such, we have seen the VeChain price drop from $5.8 all the way down to $4.6 this week. It is not a positive trend for fans of this altcoin, especially because there is seemingly no real reason for this drop whatsoever.

There have been a few interesting peaks this week as well, though. The VeChain price hit $5.05 this week as well, although the momentum did not last long enough to make a big impact. When the day was over, the VeChain price dropped below $5 again and continued to struggle for any momentum in the two days after. Thankfully, all of that seems to be a thing of the past, at least for today.

With the current 6.83% increase in VeChain price, things are looking up once again. Holding on to these gains and improving upon them in the coming days, is a different matter altogether. While anything is possible in the cryptocurrency world,  this current uptick seems to be rather temporary in nature. That said, VEN notes strong gains over Bitcoin and Ethereum as well, which is something worth keeping an eye on over the coming days.

With just $42.78m in 24-hour trading volume, things are looking rather mediocre for VeChain as of right now. All cryptocurrencies suffer from very low trading volume right now – with a few obvious exceptions – but for VeChain, this is rather low. Then again, with all markets suffering from the same problem, there is no real reason to be overly concerned either. Even with this small volume, the VeChain price is still rising a bit, which is a positive sign overall.

As of right now, Binance is still the largest exchange in terms of VeChain trading volume. Their BTC and ETH markets combine for over 75% of all trades, indicating the rest of the world isn’t too bothered with this altcoin, for the time being. Huobi, in third place, generates just 7% of all trades. There are no fiat currency pairs for VeChain as of right now, although several exchanges provide USDT trading. neither of those markets makes any meaningful impact as of right now.

It is difficult to gauge what the future will bring for the VeChain price. So far, things are looking good, but the overall market momentum is still pretty bearish. On the other hand, we have seen a correction this week, thus things may effectively begin to improve from here on out. Only time will tell how this market evolves, but it is evident the Bitcoin dominance will not slow down anytime soon.