The cryptocurrency market has been underperforming over the previous few hours, however VET is at present in a bullish transfer.
The cryptocurrency market is down by lower than 1% over the previous 24 hours as Bitcoin, and the opposite main cash are buying and selling within the purple zone. For the time being, the full crypto market cap stays beneath the $1.3 trillion mark.
Bitcoin, the trade chief, continues to take care of its worth at $30k regardless of shedding 0.7% of its worth over the previous few hours.
Nevertheless, VET, the native token of the VeChain ecosystem, is likely one of the greatest performers amongst the highest 40 cryptocurrencies by market cap. VET is at present up by greater than 5% in the present day, and it is just outperformed by a number of cryptocurrencies, together with Chainlink and Tezos.
VET’s ongoing constructive efficiency may be attributed to VeChain’s partnership with UFC.
The VeChain Foundation announced on Thursday that it had entered a worldwide advertising partnership take care of UFC, the world’s premier blended martial arts organisation.
In consequence, VeChain is now UFC’s first-ever Official Layer 1 Blockchain Companion, offering the blockchain Basis with an unprecedented stage of integration into key UFC belongings.
Key ranges to observe
The VET/USD 4-hour chart is bullish as VeChain has outperformed many of the main cryptocurrencies over the past 24 hours.
The MACD line stays beneath the impartial zone, however the current constructive efficiency has seen it transfer increased. The 14-day relative energy index of 56 exhibits that VET is now not within the oversold area.
At press time, VET is buying and selling at $0.03165 per coin. If the constructive momentum is maintained, VET may surge previous the primary main resistance stage at $0.03358 earlier than the top of the day.
Nevertheless, VET may wish the assist of the broader crypto market to allow it to maneuver previous the $0.040 resistance level for the primary time this month.