OI, Volume, And Development In VeChain Crypto Show Bullish Sketch

• 1 The VET asset is showing bullish strength, with increasing capacity while hovering above the 20 and 50-Day EMAs.
• 2 The price-versus-volume charts depict a surge in volume coinciding with the price increase, implying the continuation of the existing trend.

The VeChain token surged from the demand zone at $0.01600 to $0.05500 by February 2024. Along the way, the price broke through resistance levels and has since displayed signs of sustained strength above key EMAs.

VeChain’s recent price structure has shown signs of recovery as it spiked from a crucial level of around $0.04300 on the chart confirming sustenance near the supply level.

It seems that the crypto token is poised to surge massively, as it prepares to break through the VET resistance supply level and soar to new heights, after jumping the supply level.

Similarly, the VET asset is showing bullish strength, with increasing capacity while maintaining above the major 20 and 50-Day EMAs.

A technical analysis suggests that the price of the asset is displaying bullish signs and indicating that there may be potential for further growth. Also, the VET asset has performed well over the past month, noting a 63.00% increase, and over the past quarter with a 66.50% increase. This is indicating the beginning of a possible strong uptrend.

According to VET price prediction, the crypto has experienced a decline of 3.73% in the last 24 hours and is currently trading at $0.04858 as of press time. Therefore, if there is an increase in buying demand for the VET token, its price could continue to rise from its current level. In such a case, the next price target for VET could be $0.06000, with resistance from the $0.05500 mark.

However, if the crypto price fails to stay above the $0.04300 level, it could continue to decline further.

The VET asset is showing bullish strength by Sam_TCR on TradingView.com

VeChain Crypto (VET) Volatility Analysis

This chart exhibits the contrast between the volatility with the price movement in the VeChain crypto. On examination, it shows that the VET crypto has witnessed wonderful growth in recent sessions. However, the volatility has not advanced that much, demonstrating stability in the price. 

Moreover, the VET crypto seems comfortable at the higher price levels, which suggests that the sellers are sitting in the rear, and the bulls may enable the VeChain crypto price to rise further.

VeChain crypto (VET) Volume Analysis

From the second week of February, both the volume and price of VeChain crypto experienced a significant increase, signifying a surge in demand and excitement. The trading volume surpassed $140 Million as the price rose sharply. Moreover, the volume analysis indicates that the VET crypto received a trading volume of $147.89 Million. The price-versus-volume charts depict a surge in volume coinciding with the price increase, implying the continuation of the existing trend.

VeChain Crypto ( VET) Social Dominance And Social Volume

The social dominance including X VeChain news, X followers, and social volume (including active users of Telegram and X), displays a positive trajectory; there is also a massive uptick in active users and X chatter. These metrics confirm that VET is popular. 

The increasing number of tweets mentioning VeChain highlights its growth and shows that it has been among the top trending tokens in recent times.

VeChain crypto ( VET) Development Activity

Additionally, the VeChain crypto showcases robust developer activity, as evidenced by the number of code contributions made by developers over time. This activity and commit count have shown consistent growth over the past three months for VET crypto.

At press time, the Development activity is at 4.33, and the Developer’s activity contributors commit count is 6. These numbers show that consistent development has persisted in the VET.

VeChain crypto ( VET) Total Open Interest Chart

The OI data shows the total number of open contracts in the VeChain crypto. The OI data analysis of VET tokens shows a steady rise in the number of OI contracts in recent sessions. During the past session, open contracts rose from 16.0 Million to 48 Million. 

However, there has been a short-term OI decline up to 26 Million and its most recent sessions currently stand at 39.59 Million. This highlights VET crypto’s potential for a rise in future sessions.

Summary

VeChain’s recent price structure has shown signs of recovery as it spiked from a crucial level. Technical analysis suggests that the asset is on a bullish trend. 

VET crypto seems comfortable at higher price levels, which suggests that the sellers are sitting in the rear, and that the bulls may push the VeChain crypto price to rise further.

The price-versus-volume charts depict a surge in volume coinciding with the price increase, implying the continuation of the existing trend. The developer activity, evidenced by the number of code contributions made by developers over time has shown consistent growth over the past three months

Technical Levels

Support Levels: $0.04300

Resistance Levels: $0.05500

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.