VeChain (VET) price has been able to build on its bullish momentum over the past week and is currently influencing the current market trend.
as a bitcoinist informed ofThe entire crypto market is currently facing a major fear of a contagion effect arising from the alleged troubles of US exchange FTX.
In the top 100 by market cap, there are currently only a few altcoins other than VeChain, including Chainlink (LINK) and Toncoin (TON), which are showing price gains despite the volatility over the past 24 hours. Thus VET is currently showing its fundamental strength.
Within the last 24 hours, the price has increased by about 3%. There has also been an increase of 10 percent in the last seven days. At the time of writing, VET was trading at $0.02610.
In the last 24 hours, VET traded at $274 million, up 228% from the previous day. At current levels, VeChain price is facing a major resistance. For the time being, VET was rejected on the 200-day simple moving average (SMA) on the 1-day chart, while maintaining its stance above the 100-day SMA.
MACD indicator is also showing bullish signals. MACD (Moving Average Convergence/Divergence) is a momentum indicator that shows the relationship between two moving averages of a security’s price. Therefore VET investors should keep an eye on the indicator for any trend changes.
RSI is neutral. The next major level for VET is located at the $0.035 and $0.043 levels.
What is the boost to VeChain (VET) rally?
In addition to the many partnerships that have been made public in recent weeks, VeChain is looking forward to an extremely important event. Announcement This happened yesterday.
The VeChain Foundation said that the final phase of Proof of Authority 2.0 (PoA 2.0), the final integration with VIP-220, with a block height of 13,815,000, is expected to go live on November 17th, 8:10 am UTC+0.
According to the VeChain Foundation, major advances will include resolving the trade-off between the Nakamoto and Byzantine fault tolerance consensus, significant security improvements, ultimately guaranteeing data quality and enabling the Global Sustainability Goals.
This release enables a hard fork called FINALLY on the mainnet. It implements VIP-220 finality with one bit (FOB), which allows nodes to check the finality of a block.
The foundation said via Twitter:
With this implementation, #VeChain takes a huge leap towards our goal of facilitating global #MassAdoption of our #Blockchain technologies, we aim to be the de facto platform for #Sustainability and leading economic #DigitalTransformation.
For VET holders, the hard fork on November 17th will be basically without effect. However, exchanges may temporarily suspend trading, deposits and withdrawals around the date and time of the upgrade.