tl;dr
:VeChain's coin, VET, has experienced substantial growth in the last week, reaching a new yearly high of $0.38. Its market capitalization has also increased, surpassing Cronos as the 35th largest crypto asset. Additionally, VET's futures open interest has risen by 142% in the past 25 days, indicatin...
VeChain's coin, VET, has experienced substantial growth in the last week, reaching a new yearly high of $0.38. Its market capitalization has also increased, surpassing Cronos as the 35th largest crypto asset. Additionally, VET's futures open interest has risen by 142% in the past 25 days, indicating an increase in trading positions. Despite positive funding rates and bullish sentiment, caution is advised as there is a possibility of a price correction due to buyers' exhaustion at these high levels.
VET, the coin that powers the smart contract blockchain VeChain, has seen remarkable growth in the last week, pushing its price to a new yearly high of $0.38. According to data from CoinMarketCap, in the last week, the altcoin’s price rallied by 12%. During the same period, its market capitalization rose from $2.41 billion to $2.69 billion, causing it to replace Cronos (CRO) as the 35th largest crypto asset in terms of market cap.
In the coin’s futures market, open interest has risen steadily since December 1. At $46.05 million, VET’s futures open interest was spotted at a high last observed in April 2022, data from Coinglass showed. For context, the coin’s open interest was less than $20 million when the month started, showing that it has grown by 142% in the past 25 days. VET’s funding rates across exchanges have remained positive during the same period. This showed that most traders who have since opened trading positions have placed their bets in favor of a price rally.
VET’s price movements on the 24-hour chart showed the presence of significant bullish sentiment, which could help sustain the price growth. The first indication of this was the 50-day moving average, which has been positioned above the 200-day moving average after initiating a golden cross in November. Also, key momentum indicators have trended upward since 11 December, showing that coin accumulation has surged. However, it is key to note that these RSI and MFI values hint at the possibility of a price correction. Buyers’ exhaustion is common at these high levels, so caution is advised.
Disclaimer:
This is not financial advice. Please do your own research before investing in any asset.