- VeChain price surged from $0.01600 to $0.05500, indicating a bullish trend above key EMAs.
- VET shows strong upward potential with significant trading volume and developer activity, suggesting sustainability.
The sharp performance made VeChain (VET) a highlight, it was in the demand zone at $0.01600, a dramatic boost to $0.05500 in February 2024. Besides penetrating the resistance level, the price also looks bullish above the key EMA.
VeChain Remarkable Surge
VET price structure has shown signs of recovery. It’s a boost from the critical level of $0.04300, ensuring sustainability near the supply level, which acts as a resistance. It implies that this token is preparing to climb, penetrate this level and reach new heights.
In addition, VET assets showed bullish strength with increased capacity while remaining above the main 20 and 50 day EMAs. Technical analysis reflects the bullish sign and the potential sustainability of the bull’s drive.
The impressive performance of VETs over the past month, with an increase of 63.00%, and during the last quarter with a rise of 66.50%, marks the start of a strong upward trend. Although optimistic, VET prices have fallen by 1.70% in the last 24 hours and are currently trading at $0.04879, which is expected to rise from here.
In the bulish narrative, the next target VET price is to reach $0.06000, despite facing a resistance in the $0.05500 range. If the price fails to stay above $0.04300, it’s likely to move south. When the price structure seems attractive, the volatility does not increase significantly, indicating price stability.
Since the second week of February, the volume and price of VET crypto has experienced sharp increases, marking a boost in demand amid the market hype, as formerly reported by ETHNews.
The trading volume exceeded $140 million, sliding along with price movements. Volume analysis showed that VET crypto received a trading volume of $147.89 million. The price-versus-volume chart showed alignment, implying a continuation of the current trend. The following video has taken a deeper look at this development, giving you more insight.
Community and Development Engagement
Social dominance including VeChain news, followers, and social volumes (including active Telegram users) indicate a positive position for this token. The increasing number of tweets mentioning VeChain highlights its growth and indicates that it has become one of the most trending tokens lately.
In addition, the VeChain crypto shows strong developer activity, as evidenced by the amount of code contributions made by developers over time. This activity and the amount of commitments have shown consistent growth over the last three months for VET crypto.
Currently, development activity is at 4.33, and the number of contributor commitments for developer activity is 6. It reflects sustainable development.
Meanwhile, an analysis of the Open Interest (OI) data of VET tokens showed a steady increase in the number of OI contracts in the current session.
During the last session, it has risen from 16 million to 48 million. However, there has been a reduction in the short-term OI to 26 million and the current session stands at 39.59 million. It highlights the potential bullish in the future.
Previously, amidst VeChain’s remarkable market surge, the platform unveiled its Galaxy Member (GM) NFT System, aimed at boosting user engagement within VeBetterDAO, as previously reported by ETHNews.