VeChain has revealed an interesting change which reflected the increasing acceptance as well as the growing popularity. According to VeChain Community Hun’s tweet from 12 December 2013, the platform saw an increase in transactions on the Testnet and its volume of transactions increased sharply.
The network has gone through several more integrations and alliances, and thus has the potential to create the next bull run in VET. As an example, Shanghai Tanlian developed a digital carbon emission reduction platform for public buildings lighting that is based on the VeChain in partnership in partnership with Suzhou Fenghe Wulian.
At moment of publication there was no sign of it on the chart, since it was mostly in red. According to CoinMarketCap when we last wrote VET was registering over three percent negative gains per week as of $0.01859 which had market cap greater than $1.3 billion.
Do the metrics aid?
In the past week, the VeChain’s development activities increased, due to new collaborations. This was a good thing since it showed more commitment by the developers to enhance the capabilities and services offered by the blockchain. It’s not just that, VeChain was also consistent with regard to volume during the last week. This is also a green signal.
After the increase in its traffic, VeChain’s positive feedback dipped. This suggests that people in the cryptocurrency community was not having much confidence in VeChain. It also didn’t get much attention from the derivatives market since the rate of funding by Binance slowed.
The winter at VeChain will become colder.
The VET daily chart revealed that investors may need to wait a while longer before they can enjoy the benefits of these events. The reason for this was that the majority of indicators of the market did not suggest the possibility of a price rise. In the end, however, the Exponential Moving Average (EMA) Ribbon revealed a positive bearish trend in the market since it was a 20-day EMA was just below the 55-day EMA.
The Chaikin Money Flow (CMF) and On Balance Volume (OBV) also showed declines which suggest a possible further decline in the days ahead.