The social engagement of VeChain has experienced skyrocketing over the past month, according to crypto insights provider LunarCRUSH. The company reported that VET nears the first meaningful spike on January 29th, with something above 1.16 million engagements only on that day. But the month of February has experienced even greater engagement.
“VeChain social engagement has been very heavy with spikes as high as 3,520,412 engagements per day,” they said.
The company that is based in California, takes into consideration the depth of community interaction across all social posts. Here are included favorites, likes, comments, replies, retweets, quotes, shares, and other metrics. LunarCRUSH upholds that these instruments are helpful in determining how engaged a community is around a concrete cryptocurrency as we are reading further in the Vechain news.
Over the past 24 hours, about 78% of all the social interactions across a bigger pallet of platforms had a bullish characteristic when in question was VeChain, grounded on the data from LunarCRUSH. Beside the optimism, VET has fallen above 12% during the same time period. Now a certain technical pattern is estimating a further drop.
VET nears a bull trend at the start of the year and the price saw a slight increase by more than 70 percent. However, it seems that it had reached an exhaustion point in the middle of the month, triggering a 26 percent retracement. VET later hit a low of $0.0063 from the previous high of $0.0085. Based on the charts, the head and shoulders pattern seems to be developing and some of the analysts even believe this technical formation to be one of the most reliable trend reversal patterns.
VeChain is being stopped at the 200-four-hour moving average and this is also where the neckline of the pattern lies. Breaking below this support level could start a sell-off that will push the price of this cryptocurrency down by more than 25 percent. VET aims a new target that is determined by the measuring distance between the head and neckline and added that the distance down from the breaking point. An increase in purchase pressure allows the VET price to close above the high of the $0.0071 and such a bullish move could take this cryptocurrency to a new level.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post