VeChain [VET] faltering in the NFT space – could this launch turn things around

VeChain [VET] faltering in the NFT space – could this launch turn things around

  • VeChain launched VORJ, a no-code Web3-as-a-Service platform.
  • VET’s price action favored investors, but CMF and MFI were bearish.

VeChain [VET] has witnessed a decline in NFT calculations over the past 30 days. Santiment’s chart revealed that VeChain’s total NFT trading numbers and trading volume in USD fell. In addition to that, the number of unique addresses that bought NFTs worth less than $1000 has also decreased in recent weeks.

Source: Sentiment

Realistic or not, here it is VET’s market value in BTC terms

This can change the scenario

However, VeCHAin’s NFT ecosystem may flourish again with the latest launch of VORJ, Vechain’s ‘Web3-as-a-Service’ platform.

VORJ is a no-code Web3-as-a-Service platform that enables anyone to create, deploy and interact with smart contracts on the VechainThor blockchain. This latest launch can greatly help VeChain in the NFT ecosystem. In addition, VORJ also comes with NFT APIs, which provide aggregated data for NFT collections and tokens.

Status of VET in Q2

VET investors had a comfortable start in the second quarter of 2023 when the token price increased considerably. As per CoinMarketCap, VET’s price rose by over 4% in the last seven days. At the time of writing, VET was trading at $0.02599, with a market cap of more than $1.8 billion.

Source: Sentiment

Recently, VET’s demand in the derivatives market has registered an increase, which was also an optimistic signal. KNOWTrading volume was also relatively high, indicating a higher interest among investors to trade the token.

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Nevertheless, VET’s weighted sentiment has drifted towards the negative side in recent weeks, indicating that negative sentiment prevailed in the market for VET.

Will growth see a roadblock

A look at VET’s daily chart revealed that quite a few market indicators were in favor of a continued uptrend. For example, the Relative Strength Index (RSI) registered an uptick and was moving further away from the neutral mark of 50.

Source: TradingView

How much is 1,10,100 VETs worth today?

The data from the Exponential Moving Average (EMA) band pointed to the bull’s dominance in the market as the 20-day EMA was above the 55-day EMA. KNOW‘s Bollinger Bands suggested that the token’s price entered a slightly higher volatility zone, further increasing the chances of an upside.

However, Chaikin Money Flow (CMF) suggested otherwise when it went down. The same applied to the Money Flow Index (MFI), which fell marginally.

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