It is still difficult to make sense of what comes next for all cryptocurrencies, tokens, and assets. As Bitcoins momentum remains rather shaky, anything can happen over the coming days and weeks. The VeChain price looks ready to move up once again, even though it will mainly depend on what happens to Bitcoin. For now, things are seemingly coming together.
Can the VeChain Price Momentum be Sustained?
It is always difficult to make any accurate predictions when it comes to dealing with altcoins and tokens. These markets often tend to follow a very unusual price path first and foremost. While a lot of people have high hoped for VeChain in 2019, it remains to be seen if that “hype” can be justified. Some of the recent behind-the-scenes developments seem to confirm things are coming together. Influencing the price, however, is a different matter altogether.
Over the past 24 hours, it would appear as if some excitement has begun brewing. The VeChain price noted a 5.2% gain in USD value and gained 4% on Bitcoin itself. Both trends are pretty bullish, under these circumstances. It is also thanks to these short-term gains how the VET price successfully retook the $0.004 level without any real problems. The 116 Satoshi value is also pretty interesting to keep an eye on.
There is one pretty big development to keep an eye on where VeChain is concerned. More specifically, it would seem as if Safe Haven has successfully integrated the ThorPay Alpha on the VeChainThor blockchain. This is a pretty big step forward to taking this altcoin to the next level in the coming months. Although it is not officially live just yet, a closed beta test is expected to follow in the near future.
In keeping with our roadmap, we are excited to announce we have successfully integrated the ThorPay Alpha on the VeChainThor Blockchain. The product website and closed Beta testing are not far behind! #SHA #VET https://t.co/OA8CuMcTLd
— Safe Haven (SHA) (@SafeHavenio) January 23, 2019
Even though it appears as if some people are excited about VeChain, there are others who are not too convinced. This is a pretty common trend in the crypto world, and one that seemingly affects VeChain as well. CryptoProfitGroup is convinced Vechain is a “shitcoin”. A bit of an odd sentiment, although one has to wonder if there would be any sentiment to this particular stance.
Roses are red, violets are blue, #VeChain is in the shitter, Sunny Lu’s shitcoin is poo
!!!! Hahahaha! Shitcoin of the year 2018. Going back to back in 2019. #shitcoin
— CryptoProfitGroup (@cryptoprofitgrp) January 29, 2019
When looking at the actual price chart right now, it would appear there may be some bearish VeChain momentum in the near future. More specifically, there is a chance this altcoin is already teetering on the border of the “overbought territory”, which would signal an impending correction. For the time being, the chart can head in any direction, which will keep speculators on their toes.
Pullback 1D of $VET need time to reach overbought area and break that red kumo #vechain pic.twitter.com/fMDwxAK5Tj
— Infosiana (@Infosiana) January 30, 2019
Based on all of these developments and trends, it would appear the current uptrend is more than warranted. The ThorPay news is quite interesting to keep an eye on. As is always the case, altcoin-oriented payment solutions usually do not gain much traction, thus it remains to be seen whether or not there will be any real repercussions. Chasing the top is always a bad idea, especially because VeChain’s top may have already been reached.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
by JP Buntinx via The Merkle Hash
Comments
Post a Comment