VeChain [VET] Wavers in the NFT Space – Can This Launch Turn Things Around

Over the last 30 days, VeChain [VET] has seen a drop in its NFT metrics. According to Santiment’s chart, VeChain’s total NFT trade count and trading volume in USD have decreased. In addition, the number of unique addresses that purchased less than $1,000 worth of NFTs has decreased in recent weeks.

However, with the recent launch of VORJ, Vechain’s ‘Web3-as-a-Service’ platform, Vechain’s NFT ecosystem can thrive once more.  VORJ is a no-code Web3-as-a-Service platform that allows anyone to build, deploy, and interact with VechainThor blockchain smart contracts. This current launch will be extremely beneficial to VeChain in the NFT ecosystem. VORJ additionally includes NFT APIs for aggregating data for NFT collections and tokens.

VET investors had a good start in the second quarter of 2023, as the token price surged significantly. According to CoinMarketCap, the price of VET has increased by more than 4% in the last seven days. VET was trading at $0.02599 at the time of writing, with a market capitalization of more than $1.8 billion. 

VET demand in the derivatives market has recently increased, which is also a positive indicator. VET’s trading volume was also relatively high, indicating that investors were interested in trading the coin.

Nonetheless, VET’s weighted sentiment has shifted to the negative side in recent weeks, indicating that negative sentiment dominated the VET market. 

A review at VET’s daily chart revealed that several market indicators were pointing to a continuation of the rise. For example, the Relative Strength Index (RSI) increased and moved away from the neutral level of 50.

The Exponential Moving Average (EMA) Ribbon data indicated that bulls had the upper hand in the market, as the 20-day EMA was higher than the 55-day EMA. The Bollinger Bands on VET indicated that the token’s price was approaching a little more volatile zone, boosting the likelihood of an upswing. However, the Chaikin Money Flow (CMF) indicated a difference, declining. The same was true for the Money Flow Index (MFI), which fell somewhat.