The VeChain price has lost momentum. VET is trading at $0.1597, which is about 15% below its highest level this week. The coin is about 26% above where it started the month. Its market capitalization is at $10 billion while its ranking among cryptocurrencies is at 22. It sits between Polygon’s MATIC and Stellar’s XLM.
VeChain is a blockchain project that seeks to help companies solve some of their biggest challenges. The platform uses a distributed ledger technology (DLT) to help companies solve problems like supply chain and logistics. On supply chain issues, VeChain creates a record of radio Frequency Identification (RFID) tags that a company can use.
The VeChain price has generally been positive this month because of the excitement about an upcoming protocol upgrade. The developers are in the process of upgrading the VeChainThor v1.6.0. This upgrade will be the first process towards the upcoming Proof of Authority 2.0 upgrade. It will combine the Byzantine Fault Tolerance (BFT) and those principles supported by Nakamoto.
The new upgrade will improve speeds within the network by ensuring that transactions are completed right away. Also, it will help prevent future forking of the network. The mainnet of this upgrade will take place on Tuesday next week.
The four-hour chart shows that the VeChain price made a bullish breakout this month. As it rose, the price managed to move above the key resistance at $0.1577, which was the highest level on September 6. Now, the coin’s price has retreated and retested that level.
A break and retest pattern happens when an asset’s price crosses a key support or resistance and then retests the same level. In most cases, it is usually a sign of a continuation. Therefore, there is a possibility that the VET price will have a major bullish breakout ahead of the network upgrade. If this happens, the next key level to watch will be the resistance at $0.1870.
This post was last modified on %s = human-readable time difference 08:58