VeChain Price Up By 8.38% – Time to Buy VET Coin?

VeChain has been on a positive trend in the past 24 hours. The asset, looking to address the loopholes in the supply chain space, is seen by many as a perfect solution for companies looking to guarantee their products’ quality and enable traceability.

With the broader crypto market on the uptrend, VeChain’s VET has rallied significantly, prompting a rush to buy VET.

This article discusses the digital asset’s technical and fundamental performance.

VET: Rallying With The Broader Crypto Market

Despite not touching the $1 mark since its launch, many investors see huge potential in the VeChain project. This has seen it occupy the 22nd-second position with $11.5 billion in market cap. With today’s rally, VET’s market valuation has been up 10.10% in the past day, with its 24-hour trading volume sitting at 87.79%.

On price movement, VET is seeing major bullish trends in the broader crypto market. At press time, VET is trading at $0.180, up 8.38% in the past day. Its weekly gains of 30.94% show a strong bullish market sentiment.

However, many investors consider VET as undervalued given that it is trading at almost half the price of its all-time-high (ATH) of $0.2782 in mid-April. This indicates that there is a lot of growth leeway for the supply chain asset. 

With blockchain tech now having more use cases by the day, projects like VeChain would likely become more popular and have a greater return in value.

VET Technical And Fundamental Analysis

April served as a watershed moment for VET as it surged to a record value of $0.2782. However, the subsequent dips of Bitcoin and other large-cap assets negatively impacted the value of VET.

However, today’s rally signals a good direction for the asset. VET is soaring above the 20-day moving average (MA) support price of $0.142609. The 200-day MA price of $0.11901 points that that VET will maintain a strong bullish run in the coming months.

The 14-day relative strength index (RSI) figure of 74.40 put VET in the overbought region, indicating growing market confidence. The moving average convergence and divergence (MACD) indicator also point to a buy signal as the green trendline leads the oscillator.

Fundamentally, VeChain has remained one of the most energy-efficient blockchain protocols, an advantage that likely plays to investors’ appeal.

Another is its recent announcement of its proof-of-authority (PoA) 2.0 upgrade, which is expected to transition the protocol to a more scalable blockchain protocol. 

Codenamed Secure, Use-Case Adaptive, Relatively Fork-free Approach of Chain Extension (SPACE), the upgrade will ensure more randomness and a passive block finality confirmation process. 

Also, VeChain recently partnered with global logistics company DHL to launch its NFT collection.

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