Quick take:
- VeChain (VET) has had an amazing run in the crypto markets since the mid-March crash.
- These feat has been highlighted in the Monthly Binance Market trading report for the month of June.
- The report states that VeChain (VET) has delivered over 40% in gains in one month.
- At the time of writing this, VET is still on an impressive upward trajectory with a local top of $0.022.
The market action surrounding many altcoins is giving the impression of an altseason. This was explored in an earlier analysis that explained how an altseason could be upon the crypto-verse as a result of Bitcoin’s social dominance reducing significantly.
Furthermore, Ethereum’s gains against Bitcoin on the ETH/BTC pair is indicative of altcoins soon having a chance to thrive in the crypto markets. Evidence of an altseason was also demonstrated by a new All-time high of the ShitCoin perpetual contract on FTX.com.
VeChain (VET) has Had a Phenomenal Month of June
One of the altcoins doing particularly well in the crypto markets is VeChain (VET). According to the team at Binance research, VeChain has had a phenomenal month of June delivering over 40% in gains.
The team shared this observation in the June edition of the monthly Binance trading report where they explained that large-cap coins were experiencing some sort of stagnation in the crypto markets.
Most large-cap cryptocurrencies delivered negative returns, while mid and small-cap cryptocurrencies such as LINK, ADA, BAT, VET, and IOST delivered positive returns. In particular, VET had a phenomenal month, delivering more than 40% return in June.
VeChain is Primed for A Successful Month of July
The impressive performance of VeChain in the month of June is also very much evident two weeks into the month of July. Taking a look at the daily VET/USDT chart courtesy of Tradingview.com, VeChain is clearly in a parabolic run at its current value of $0.0177.
From the daily VET/USDT chart, the following can be observed.
- Like all digital assets, VET dropped hard during the Coronavirus crash of mid-March from around $0.006 to $0.0015.
- The coin has since regained the losses and printed a local top of $0.022 on the 8th of June.
- This is a 14.67x move from the local bottom of $0.0015.
- However, the parabolic move by VET is due for a correction as seen through an exhausted daily MACD and MFI.
- Furthermore, trade volume has reduced and the 50-day moving average provides an area of interest for a bounce around $0.01.
- Taking profits might be a wise decision for bulls and waiting for a retracement before deciding to long VET/USDT once again in the crypto markets.
As with all analyses of altcoin such as VeChain (VET), the use of stop losses and low leverage is highly advised when trading VET on derivatives platforms such as Binance. Additionally, keeping an eye out for any sudden Bitcoin moves could be a good way of gauging the market environment for altcoins such as VeChain.