Cryptocurrency News

VeChain (VET) Rises 2.94%: What’s Next for This Neutral Rated Crypto?

Cryptocurrency, or a digital coin, is on the edge of becoming a new form of payment across the globe. Many platforms have already broken the barriers to enable their users to convert the fiat currency into a digital asset of their choice.

Just like a fiat currency, Cryptocurrency is also used for making payments. These payments may be general or specific in nature. Every Cryptocurrency exists on its native blockchain.

Acceptance of Crypto is, at the moment, restricted due to Government regulations. Based on the trend, however, it can be assumed that flexibilities will be introduced by authorities to incorporate digital currency.

Future Of VeChain

Among all the existing Cryptocurrencies, VeChain is at the center of every discussion because it has earned a Neutral Rating.

Also known as VET on trading boards, VeChain’s performance will now be measured through Sentiment Score.

Sentiment Score measures the performance of a Cryptocurrency based on the data for the previous five days. It looks into two factors, namely trading volume and movement of the price. Neutral Rating is beneficial for investors who are looking to enter or exit either for the short term or for the long term.

Short-term traders are investors who want to purchase and sell in a short period of time. They look to pocket the profit by analyzing how quickly the market will rise. Long-term investors hold their digital assets for a long time.

Both will be able to better analyze the performance of VeChain. Performance in the previous five days gives insight into how volatile Cryptocurrency is.

VeChain is reportedly in a high volatile position according to the forecast of the first quater of this year, you can find more information here. It is up by 2.94%, with a trade value of $0.054, but the support value is lower than the resistance value. In terms of the support value, VeChain stands at $0.051 while its resistance value is $0.054.

Experts believe that if the rally burns out, then its volatility will increase to affect the trading price.

The Crypto market has done pretty well in a broader scope. It is up by 2.52%. VeChain has done better on the broader horizon, and supporters hope for better results in the future.

VET is currently trading at an up price of its lowest value of $0.0501 by a margin of 8.87%; however, it is off the track by 6.45% from its five-day high.

Traders have experienced that VeChain is trading at a low volume at the moment. This has marked today’s volume of VET below its average of the past seven days.

Assuming that the market capitalization of VeChain will increase in the future, one can estimate the value to touch the mark of $0.19 the next year. The year 2026 could be the most bullish year for VET, as the value is expected to be somewhere around $0.29.

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Catherine Johnson

About author
Catherine Johnson is a Financial Education Instructor and a finance writer. She writes finance blogs and guides women to be financially independent. She also worked as a freelance finance writer.
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