VeChain saw steady growth in price in the last 10 days, approaching now a possible resistance on the charts.
Its Market Cap gained $20 million in the last days, moving up to the top 30 Cryptocurrencies, with roughly $261 Million USD total Market Cap.
VeChain has been doing well since the beginning of February, especially after the last updates provided on their official channels.
Possible reasons for the recent upsurge in price include its recent integration with Amazon Web Services. VeChain Foundation announced on their Official Medium that:
VeChain equally updated its Twitter handle @vechainofficial on February 18th, informing its followers about the recent update:
As stated by Alex Yung, corporate vice-president and managing director of AWS Greater China:
The second reason which has possibly driven the price of Vechain up is the listing on Coinsuper to get VeChain listed on their exchange.
Coinsuper is a centralized cryptocurrency exchange located in Hong Kong, which gives the chance to deposit FIAT or Crypto and it’s also available for US investors. It currently has a 24-hour trading volume of Ƀ53,149.50 from 71 coins and 120 trading pairs,
The biggest update in our opinion is the recent expansion of the VeChain team in North America and Europe; this is believed to have played a major role in increasing investors’ interest in the project.
The VeChain Foundation made the announcement on their Medium page, stating that:
In addition to that, the Medium post goes through the description of the new team members who will reside in the North American and European offices:
The whole article can be found Here.
Price Point of View
In the chart below we can see the huge gains VET had in the last 16 days, with a whopping 37% against USDT:
The price looks having hit a major resistance and therefore started to retrace; in the image below we can identify the possible support levels where the price can bounce:
The levels in question can be located around $0.0046 USD and $0.0044 USD, as in the image above.
We talked about possible supports, let’s see major resistances the price could encounter, in the chart below:
The levels in question can be located around $0.0042 USD, $0.0052 and $0.0060 USD, as in the image above.
All things being equal, the price of VeChain is expected to continue to go higher looking at the top 20 rank as the next objective.
We’d love to hear your views on that. Do you think VeChain’s price will gain more? Please share your opinion using the comment section below.
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