VET riding high on tokenisation and wallet update: VeChain [VET] Technical Analysis
After the November bear run, the crypto-proponents look to end what has been a dismal year on a high and were initially delighted with the Bitcoin increase to over $4,000. Following the weekend’s optimistic surge, Bitcoin declined dragging the market cap to the November low of $123 billion, with several coins in red. As the week comes to a close, some coins have seen uptrends, following major announcements. VeChain [VET] just outside the top-20 is experiencing a massive price rise following a major announcement.
On December 4, via a Medium blogpost, the VeChain ecosystem announced the introduction of VIP181-a non-fungible token for developers, that would allow them to make non-fungible tokens on their blockchain, VeChain Thor. The blog also stated that the VTHO rewards will be supported by the native VeChainThor wallet.
VeChain is the one of the biggest gainers in the top-30, placed on the 21st spot on the global coin ladder, with a market cap that is less than $8 million behind Maker [MKR] in the 20th spot.
The major support level of the coin stands at $0.00487, which the coin which the coin is below, an aftereffect of the November meltdown. The major resistance level of the coin is $0.00538, which the coin last broke past during late November. The coin is looking to break into a bullish zone, while the 100 EMA line shows that the coin broke into an uptrend at 0800 UTC on 6 December.
Given the recent updates and the fast falling prices of the rest of the cryptocurrency market, VeChain is being increasingly purchased. The RSI of the coin currently stands at 57.19, a significant rise from 31.29 on 4 December, when the announcement was made. The trading range exhibited by the coin is $0.0044-$0.0048, with the coin hovering closer to the higher extreme. At press time, the coin has edged up against the U.S. dollar by 3.72% and is currently priced at $0.00471.
The virtual currency has increased against a mildly falling Bitcoin [BTC] by 4.42% and currently one VET is equivalent to 0.00000122 BTC.
VeChain has been on a steady decline since the early September crash, when the market cap was over $1 billion. The crypto began November well over $500 million but still on a downtrend and fell by over 50% to end the month with a market cap of $255 million, a dip of 76.2% since its August high. The coin began December 6, with a market cap of $244.5 million and increased by 9.61% to reach $268.1 million. At press time, the coin has a market cap of $260.8 million.
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