- Coinbase (NASDAQ:COIN) integration fuels the VeChain surge to a 7-day high, signaling potential gains.
- VET market capitalization and trading volume soar after Coinbase listing.
- Rising Keltner Channel bands indicate increased price volatility for VET.
In the early hours of the day, bearish momentum prevailed in the VeChain (VET) market, successfully lowering the price to a 24-hour low of $0.01631. However, Coinbase’s onboarding of VeChain to increase openness within the crypto ecosystem neutralized the downward trend.
Assets added to the roadmap today: VeChain (VET) and VeThor (VTHO)https://t.co/rRB9d3hSr2— Coinbase Assets (@CoinbaseAssets) June 22, 2023
As a result, the bulls drove the VET price to a seven-day high of $0.01857 before running into resistance. However, the bullish trend was still in control of the market as of press time, resulting in a 6.32% increase to $0.01799.
The Coinbase integration considerably boosted VeChain’s optimistic mood, luring more buyers and investors to the market. As a result, VET’s market capitalization and 24-hour trading volume climbed by 6.29% and 124.39%, to $1,307,304,986 and $88,550,973, respectively.
VET/USD 24-hour price chart (source: CoinMarketCap)
Rising Keltner Channel bands on VET’s 4-hour price chart imply a significant rise in price volatility. The top band hitting $0.01814170, the middle band reaching $0.01652596, and the bottom band reaching $0.01401022 indicate a widening price range and potential significant price shifts.
The upward trend of the Keltner Channel bands corresponds to the positive momentum, indicating that the optimistic attitude remains intact and may continue to propel the price of VET higher.
With an RSI reading of 68.49, the VET market is showing signs of moderate bullishness. This RSI value suggests that the market is not overbought, providing room for upward movement.
VET/USD price chart (source: TradingView)
The Chaikin Money Flow (CMF) is in positive territory (above zero) and heading higher (0.37), contributing to the upbeat outlook. This CMF score indicates that the VET market is under buying pressure since additional capital is entering the market, with investors accumulating positions.
However, with the stochastic RSI reading at 72.08, the VET market may be nearing overbought conditions soon.
This overbought condition signals VET is due for a pullback or correction before resuming its upward trend. This move cautions traders to avoid getting too carried away with the optimistic outlook.
VET/USD price chart (source: TradingView)
In conclusion, VeChain’s integration with Coinbase sparks market optimism, driving the price to a new 7-day high and signaling the potential for further gains.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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