VeChain and VeThor Experience Significant Gains, But Is a Correction Imminent?

VeChain climbs 28%, VeThor pumps 43% – But is a correction here?

Investors have been pleasantly surprised by the strong performance of VeChain (VET) and VeThor (VTHO) in recent times.

With market conditions turning favorable for investors, these digital assets wasted no time in making notable gains. Hence, CryptoCrypto decided to conduct a detailed analysis of these tokens to provide insights into their future prospects.

VeChain and VeThor’s Surge

Recent data from CoinMarketCap indicates that VET has seen a significant 28% surge in price over the past week. VTHO, on the other hand, experienced even better performance with a remarkable 43% increase in price within a single day.

Presently, VET is trading at $0.02546, while VTHO is at $0.002527.

An examination of Santiment’s data by CryptoCrypto revealed that the social metrics of these tokens were positively influenced by the recent price hikes.

Both VET and VTHO witnessed an increase in social volumes, suggesting a rise in popularity. Moreover, VET’s Weighted Sentiment turned optimistic after a significant drop, indicating a surge in bullish sentiment surrounding the token.

Future Outlook for VET and VTHO

To gauge the sustainability of these price upticks, an analysis of the on-chain data for VET and VTHO was conducted. Both tokens saw a rise in trading volumes.

An increase in trading volumes during a price surge often sets the stage for a bullish market trend.

Furthermore, the Open Interest for both VET and VTHO increased, signaling a strong possibility of the current price momentum continuing.

Observing TradingView’s chart, it is noted that VET experienced a retracement after reaching the upper Bollinger Bands limit.

Currently, VeChain is approaching its support level close to the 20-day simple moving average (SMA).

Simultaneously, VET’s Relative Strength Index (RSI) is trending downwards, suggesting a likelihood of VET testing the 20-day SMA support level.

The scenario for VTHO appears slightly different as the token witnessed a substantial price surge in the past 24 hours.

This surge pushed VTHO’s price above the upper Bollinger Bands limit, hinting at a potential price correction.

Additionally, VTHO’s RSI is situated in the overbought territory, indicating a possible escalation in selling pressure that could trigger a price decline in the near future.

In anticipation of a price correction, investors may observe VTHO dropping towards its support level around $0.0020.

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