VeChain price has crawled as other cryptocurrencies have staged a recovery. The VET token is trading at $0.032, which is about 36% above the lowest level this year. According to CoinGecko, its total market cap to about $2.2 billion. It is now the 35th biggest cryptocurrency in the world. It is sandwiched between Uniswap and Axie Infinity.
VeChain, like other altcoins, has done relatively well in the past few days as investors buy the dip. The coin has already recovered by about 36% from its lowest level in May. This rebound has happened as the fear and greed index has moved slightly higher following the strong performance of American and European stocks.
According to VeChain Stats, there are over 1.7 million known VeChain addresses and almost 20,000 known contracts. At the same time, the VeUSD stablecoin has continued struggling two months after it was launched. The stablecoin has a market cap of over $5.6 million. In contrast, the USDD stablecoin unveiled in May has a market cap of over $602 million.
In my last article on VeChain, I noted that the coin had formed an inverted cup and handle pattern. The four-hour chart shows that the VET price has been in a slow recovery in the past few days. Nevertheless, the coin has managed to move from a low of $0.028 to the current level at $0.032. The 25-day and 50-day moving averages have made a bullish crossover, while the Relative Strength Index has moved above the overbought level.
Meanwhile, the VeChain price is nearing its key resistance level at $0.034, which was the highest level on May 23rd. Therefore, at this stage, a complete recovery has not been validated. For this to happen, bulls will need to move above $0.034. A drop below the support at $0.030 will signal that the bullish trend has faded.
This post was last modified on May 31, 2022, 07:54 BST 07:54