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- 1 Technical indicators such as the 20-day and 50-day EMA, MACD, and RSI are favoring a bearish outlook, suggesting the possibility of further price decrease.
- 2 Social metrics, including news coverage and platform followers, show a decrease, suggesting reduced popularity and market interest.
VTHO price prediction exhibits a strong match between buyers and sellers on the daily chart. The price was earlier in the bull’s favor, but after mid-February, the momentum came into the seller’s hands and dropped since then, facing rejection from the trendline resistance.
About VTHO Token
VeThor Token along with VeChain Token, comprises the dual-token system of the VeChainThor blockchain, which debuted in 2015 and underwent a significant transformation in 2018.
Moreover, VeThor Token is integral to the blockchain’s operations, serving as the smart contract layer, which covers the operational costs on the network.
As a VIP-180 Standard token, VTHO is pivotal for enabling the blockchain’s processes and transactions. The VeChainThor blockchain operates on a proof-of-authority (PoA) consensus model, which expedites transaction validation.
While it draws inspiration from the Ethereum Virtual Machine (EMV) and shares some Ethereum concepts, VeChainThor stands as an independent blockchain.
The PoA system functions through Authority Masternodes, vetted and authorized by the VeChain Foundation, which requires these nodes to establish their identity and credibility.
VET and VTHO, both conforming to the ERC-20 token standard, offer flexibility in storage options across various cryptocurrency wallets, both online and offline.
Price, Volume, And Social Dominance VTHO Chart
The social dominance consisting of news on the X platform, Followers on the X platform, and volume on social platforms (like X, and Telegram), shows an overall decline in the Santiment website chart of VTHO crypto.
The VeThor chart shows the relationship between the VTHO token’s volume and price. Looking at the chart, it is observed that both VTHO asset volume and price were decreasing. That meant a lack of interest and activity in the market for the VTHO token. Volumes were mostly under $10 Million and prices were around $10.0040.
VTHO Price Prediction On Daily Chart Structure
At the time of writing, the VeThor token is trading at $0.003962 with an intraday gain of 3.99%, and its weekly and monthly performance had been bearish on the chart with -8.55%, and -19.25% respectively.
Since, 20-day and 50-day EMA, MACD, and RSI indicators are supporting bears, the VTHO price could deteriorate and fall more and reach lower levels. However, if the price succeeds in finding support and turns around, the VTHO price could rise.
Summary
The current market analysis for VeThor Token (VTHO) indicates a balance between buying and selling forces. Initially, buyers had the upper hand, but since mid-February, sellers have taken control, leading to a price decline after hitting trendline resistance.
Social metrics, including news coverage and platform followers, show a decrease, suggesting reduced popularity and market interest, which is mirrored in the price trend.
The trading volume and price of VTHO have both been declining, pointing to a diminished market interest, with volumes generally below $10 million and prices around $0.0040. Presently, VTHO is trading at $0.003962, with a recent uptick of 3.99%, but the overall trend remains bearish, with a weekly drop of -8.55% and a monthly fall of -19.25%.
Technical indicators such as the 20-day and 50-day EMA, MACD, and RSI are favoring a bearish outlook, suggesting the possibility of further price decreases. However, if VTHO finds support and reverses its trend, there could be a potential for price recovery.
Technical Levels
Support Levels: $0.003500
Resistance Levels: $0.004800
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
