VeChain Price: Reaching $4 may Result in new Stable Support Level
It is rather uncommon to see all of the cryptocurrencies in the green on a Sunday morning. If history has taught us anything, it is how this momentum will not last all that long. Even so, the VeChain price is on the road to reaching $4 once again, thanks to some solid overnight momentum.
VeChain Price Surge Remains Firm
As is the case with all other cryptocurrencies, the momentum is slowly turning in favor of VeChain once again. After a rather rough month filled with continual VeChain price declines, it seems an uptrend is forming over the past few days. As such, the value of this altcoin has risen from $3.18 all the way to $3.97 again over the past week.
To put this VeChain price into perspective, the overnight increase results in a solid 10.84% gain. That is pretty impressive, especially when considering how the value of Bitcoin is on the rise and most other altcoins struggle to gain more than 5% over the past 24 hours. Even so, it remains to be seen how long the VeChain price surge will last, as cryptocurrencies remain volatile first and foremost.
Even so, VeChain has also gained a lot of value over both Bitcoin and Ethereum in the past 24 hours. Surprisingly, it seems the VEN/ETH ratio has increased by just 5.36%, whereas the VEN/BC ratio increased by 9.92%. This seems to indicate more positive Ethereum price momentum can be expected in the future, although it remains to be seen how that particular situation will play out in the days and weeks to come.
Thanks to $81.248m in 24-hour trading volume, the VeChain price has seen some interesting changes. At the same time, most people will readily acknowledge this trading volume simply isn’t sufficient to warrant any long-term momentum. Whether or not that will be the case, remains to be seen, although some caution is still advised when jumping on the VeChain price bandwagon for quick profits.
The way things look right now, LBank has become the biggest exchange for VeChain trading. This particular trading platform has one BTC and one ETH trading pair in the top three, with Binance’s BTC and ETH pairs claiming second and fifth spot. The only other exchange in the top five is Bithumb with its KRW pair. An interesting mix of exchanges and currencies, although it remains to be seen how high the VeChan price can go in this regard.
For the time being, the positive momentum remains present across all cryptocurrency markets. It is a very peculiar development, albeit a more than welcome change given all of the negative market pressure over the past few months. This doesn’t mean Bitcoin and altcoins are out of the woods just yet, although things may finally begin to improve in the long term. For the VeChain price, it seems the push to $4 will be relatively easy, although one’s mileage may vary.