Another day dawns upon the cryptocurrency industry, and the markets are moving in various directions once again. With most markets noting only minor changes, it is all the more interesting to see the VeChain price gain over 10% and buck the negative trend in a convincing manner.
VeChain Price Momentum Seems Bullish
Throughout the week, there have been numerous cryptocurrencies that noted some decent gains. VeChain has been the exact opposite, for the most part, as its previous uptrend took a violent turn for the worse a few days ago. That dip followed what appeared to be a strong uptrend, yet all markets remain rather volatile, for the time being.
Following the drop from $0.007341 to $0.005853, a lot of traders had seemingly given up on VET at this time. To many’s surprise, that low immediately turned into a pivotal point as far as the VeChain price is concerned. A bullish surge of momentum quickly took VET all the way to $0.0065, indicating a new push to $0.007 isn’t out of the question.
One thing that stands out is how VeChain notes very strong trading volume. Most altcoins struggle to get 10% of their total market cap as daily trading volume. In VeChain’s case, the current volume is over 20% of the market valuation. That is usually an interesting sign for traders, albeit it is not necessarily a precursor of a bullish trend.
The current 11% VeChain price jump is fueled primarily by trading volume from Latoken, Oceanex, MXC, and Binance. Of the five top trading markets, four of them are VET/USDT. Only one market with VET/BTC notes a decent trading volume right now. All of these five markets show there are way more buy orders than sell orders, which might be a hint of what is yet to come.
There has been some interesting news that can explain why the VET value is moving up. A new report issued by DNV GL shows how the process to remove plastic from oceans is going according to plan. Together with The Ocean Cleanup, some progress has been made. That latter company will utilize VeChain’s blockchain to verify the origin of their ocean plastic.
— Jay Chiew (@JayChiew88) December 11, 2019
Speculators on social media remain hopeful the VeChain price will hit $0.01 in the near future. Jay Chiew is convinced it is simply a matter of time, albeit there is still a very long way to go. The entire industry remains in a bear market, even though altcoin traders might disagree on that front.