The VeChain (VET) price has been able to build on its bullish momentum over the past week and is currently bucking the current market trend.
As Bitcoinist reported, the entire crypto market is currently facing a major fear of a contagion effect triggered by the perceived troubles of the US exchange FTX.
Within the top 100 by market cap, there are currently only a handful of altcoins besides VeChain, including Chainlink (LINK) and Toncoin (TON), that are showing price gains within the last 24 hours despite the turmoil. VET is thus showing its fundamental strength for the moment.
Within the last 24 hours, the price has risen by around 3%. Over the last seven days, there is even a gain of 10%. At the time of writing, VET was trading at $0.02610.
Over the last 24 hours, VET’s trading volume was $274 million, up 228% from the previous day. At the current level, the VeChain price is facing major resistance. For the moment, VET was rejected at the 200-day simple moving average (SMA) in the 1-day-chart, while maintaining its stance above the 100-day SMA.
The MACD indicator is also showing 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 should therefore keep an eye on the indicator for any trend changes.
The RSI is neutral. The next big levels for VET are residing at the $0.035 and $0.043 mark.
VeChain (VET) showing strength amid market turmoil in the 1-day-chart. Source: TradingView
What Is Fueling the VeChain (VET) Rally?
In addition to numerous partnerships that have been made public in recent weeks, VeChain is looking ahead to an extremely important event. The announcement for this took place yesterday.
The VeChain Foundation said the final phase of Proof of Authority 2.0 (POA2.0), the integration of finality with VIP-220, with block height 13,815,000, is expected to go live on Nov. 17, 8:10 a.m. UTC+0.
Key advances will include resolving the trade-off between the Nakamoto and Byzantine fault tolerance consensus, significant security improvements, data quality guarantees with finality, and enabling global sustainability goals, according to the VeChain Foundation.
This release enables the hard fork called Finality on the mainnet. It implements the VIP-220 finality with one bit (FOB), which allows nodes to check the finality of blocks.
Via Twitter, the foundation stated:
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.
For VET holders, the hard fork on November 17 will basically be without impact. However, exchanges may temporarily suspend trade, deposits and withdrawals around the date and time of the upgrade.