VeChain’s (VET), price is continuing to grow on the bullish momentum it has shown over the last week, and currently bucks the market trend.
Bitcoinist stated that there is a concern about a potential contagion effect triggered allegedly by US exchange FTX.
Only a handful altcoins, other than VeChain (LINK), are among the 100 most valuable by market cap. They are showing significant price gains in the past 24 hour despite all the chaos. VET has been showing its strength at the moment.
In the 24 hour period, the price rose by about 3%. There has been a 10% gain over the seven-day period. VET traded at $0.02610 as of the writing.
Over the last 24 hours, VET’s trading volume was $274 million, up 228% from the previous day. VeChain is currently facing significant resistance at the moment. VET’s 200-day SMA (simple moving average) was rejected in the VeChain 1-day-chart. However, it is still above the 100 day SMA.
Also, the MACD indicator shows bullish signs. The MACD (Moving Average Convergence/Divergence) is a momentum indicator that shows the relationship between two moving averages of the price of a security. VET investors must therefore monitor the indicator to see if there are any trends.
The RSI score is not affected. VET’s next major levels are at $0.035 or $0.043.
How do you fuel the VeChain(VET) Rally?
VeChain, in addition to the many partnerships made public over recent weeks is anticipating an even more important event. This is the announcementFor this, it took place yesterday.
According to the VeChain Foundation, the last phase of Proof of Authority 2.0, the integration of finality and VIP-220 is scheduled for Nov. 17 at 8:10 UTC+0.
According to VeChain Foundation, key advances include the resolution of the Nakamoto/Byzantine fault tolerance agreement, security improvements and data quality assurances with finality. These will enable global sustainability goals.
This release allows the Hard Fork Finality to be implemented on the mainnet. The VIP-220 Finality is implemented with one bit (FOB), which allows blocks to be checked for finality.
The foundation posted this tweet:
With this implementation, #VeChain takes a big leap towards our goal of facilitating global #MassAdoption of our #blockchain technologies, our objectives to become the de-facto platform for #Sustainability & spearhead economic #DigitalTransformation.
VET Holders will be largely unaffected by the hard fork of November 17. Exchanges could temporarily suspend trades, withdrawals, and deposits until the time of the upgrade.