This factor could be the key to soon increasing VET by 15%

VET is a $ 1 altcoin that has received a lot of attention so far. The coin in 24th place by market capitalization has given investors a return of almost 15% in the last 7 days alone.

In the past 24 hours, VET has developed quite well with an increase of almost 5%. This price reaction comes after VeChain’s latest announcement about the mainnet upgrade.

Less than a day ago, the VeChain Foundation Disclosure that the majority of the stakeholders have agreed to provide the first phase of PoA 2.0 in the VeChainThor mainnet.

“Mainnet will be upgraded at the end of October”.

VET 4-Hour Price Chart | Source: Tradingview

No spillover effect

However, the aforementioned announcement failed to spark an immediate positive response on the chart as the price subsequently declined before rising at press time. Interestingly, while the token’s price-oriented indicators seem similar, they paint an optimistic picture.

The volatility of altcoins is increasing. Data from Messari shows that volatility has increased almost 1.5 times from the August lows. While volatility is a double-edged sword and prices can move in any direction, it should be noted that VET prices perform better in more volatile environments.

Vocational training volatility | Source: Messari

In addition, even the risk-adjusted return of the altcoin changes direction over a period of a month. At the time of this writing, the indicator has a positive value of 1.05. This shows that investors are getting a pretty good return for the risk they are taking – a good sign.

Sharpe Ratio | Source: Messari

The people from the community were also visibly enthusiastic about the upgrade. They’ve been quite active on social platforms, with both the number of societies and Santiment’s social dominance index increasing combined.

While the upgrade hasn’t had a major direct impact on the price of VET, the excitement of the community has the potential to spark a protest. As can be seen from the attached graph, price peaks often coincide with psychosocial peaks.

Vocational training award (green), social dominance (pink), social volume (blue) | Source: Santiment

Any other potential altcoins that could go up?

Social psychology is quite an important tool for assessing the market participants aspect. Many altcoins from the market have rallied recently due to positive sentiment.

For the week ending October 15, altcoins like CAKE, WAVES and EGLD did pretty well in terms of sentiment. In fact, they are numbered 1, 2 and 3 on the Sentifeed Sentiment Chart.

During and after that week, all of them give the investor a return of around 15%. The above data thus confirm the influence of social media activities on cryptocurrency prices.

In general, this factor can also prove to be very useful for vocational training. Therefore, the mass euphoria combined with all of the above factors should pull the price of vocational training up by 10-15% in the coming week. If the three altcoins CAKE, WAVES and EGLD hold their positions in the charts at the same time, they should experience a similar comeback.

Source: Sentifeed

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Minh Anh

According to AMBCrypto

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