VeChain was one of the top gainers until August 2020 when it had hit a fresh YTD high at $0.023 after dropping to a bottom of $0.00127 in March 2020. However, due to ugly market conditions at present and a volatile quarter, VET token is currently trading at $0.0134, with a notable hike of over 950%, drawing a bullish crossover YTD chart.
Despite the price dynamics being volatile yet bullish at present, the VeChain platform has enabled a profit-making NFT ecosystem. NFT, known as Non-Fungible tokens, represents distinctive assets that can be maintained and tracked on blockchain networks. These NFTs have managed to draw a total capitalization of approximately $210 million in 2019 and have a rough target of hitting $315 million.
Now, VeChain has deployed NFT, which will lead to complete growth and development of enterprise & community and will have an amplified use case leading to tokenized assets from different industries.
Stop paying millions of $$ in gas fees and #SwitchToVeChain now!
— VeChain Foundation (@vechainofficial) September 29, 2020
VeChain Price Analysis
VeChain, at the time of penning down this analysis, was seen trading at $0.0134, after a gradual decline from the YTD high marked at $0.023. However, the coin tested supports as low as $0.0107 in the previous month and is definitely bullish at the moment compared to the recent loss.
After having risen above $0.010, VET has retained support from SMA200 but is yet to restore support from SMA50, which lies at $0.015—also marked as immediate resistance on the daily chart. The Bollinger Bands do not project any trading extremities at present.
The price trend was seen breaching the lower band while it is pulled to the bottom as low as $0.010, at the onset of the previous month. But with gradual gain in price, VeChain is now drawing a positive sentiment over the past ten days, just like any other altcoin of the global market at present.
The MACD confirms the bullish divergence, and similarly, the RSI is also seen rising from the oversold region and is currently at 49.27, with an inclination towards the overbought region.