VeChain Rockets to a New Excessive, Overtaking Cronos

• VeChain has seen a big spike in value within the final month.
• The altcoin’s value now sits at its highest degree for the reason that 12 months started.
• It has additionally surpassed Cronos by way of market capitalization.

VET, the coin that powers the sensible contract blockchain VeChain, has seen outstanding progress within the final week, pushing its value to a brand new yearly excessive of $0.38. 

In response to knowledge from CoinMarketCap, within the final week, the altcoin’s value rallied by 12%. Throughout the identical interval, its market capitalization rose from $2.41 billion to $2.69 billion, inflicting it to exchange Cronos (CRO) because the thirty fifth largest crypto asset by way of market cap.

VET Logs Rise in Open Curiosity

Within the coin’s futures market, open curiosity has risen steadily since December 1. At $46.05 million, VET’s futures open curiosity was noticed at a excessive final noticed in April 2022, knowledge from Coinglass confirmed. 

For context, the coin’s open curiosity was lower than $20 million when the month began, exhibiting that it has grown by 142% up to now 25 days.

When an asset’s open curiosity grows on this method, it implies that the market is seeing extra contributors who’re opening up extra buying and selling positions. 

VET’s funding charges throughout exchanges have remained optimistic throughout the identical interval. This confirmed that almost all merchants who’ve since opened buying and selling positions have positioned their bets in favor of a value rally.

No Trigger to Fear

VET’s value actions noticed on the 24-hour chart confirmed the presence of great bullish sentiment, which might assist maintain the value progress. 

The primary indication of this was the 50-day transferring common, which has been positioned above the 200-day transferring common after initiating a golden cross in November.  When this crossover happens, it means that there’s a rise in shopping for stress and optimistic momentum available in the market.

Additionally, key momentum indicators have trended upward since 11 December, exhibiting that coin accumulation has surged. At press time, VET’s Relative Power Index (RSI) was 70.81, whereas its Cash Movement Index (MFI) was 88.04.

At these values, these indicators confirmed that VET accumulation considerably exceeded distribution. 

Nevertheless, it’s key to notice that these RSI and MFI values trace at the potential of a value correction. Consumers’ exhaustion is widespread at these excessive ranges, so warning is suggested.