Is this Bitgert Competitor a Buy?

Vite cryp­to price surged to the high­est lev­el since April this year as demand for the coin jumped. The coin surged to a high of $0.055, which was about 222% from the low­est lev­el this year. This rebound brings its total mar­ket cap to more than $25 mil­lion, mak­ing it a rel­a­tive­ly small blockchain platform

What is Vite and why is it rising?

VITE is a rel­a­tive­ly small zero-fee, light­ning-fast blockchain for the decen­tral­ized econ­o­my. It is a fast-grow­ing project that makes it pos­si­ble for devel­op­ers to build qual­i­ty decen­tral­ized appli­ca­tions. By reduc­ing the amount of fees in its ecosys­tem, the devel­op­ers hope that Vite will become the plat­form of choice for developers. 

Vite solves the fee chal­lenge using the asyn­chro­nous mod­el in which the net­work divides the con­tract call into Request and Response. There is almost no cost when a user ini­ti­ates a request. Instead, the net­work charges a cost to the ser­vice providers.

Some of the top DeFi apps in Vite are VITC­Stake, Vita Inu, Viteri­um, Vite Togeth­er, and Viva. Its NFT projects are 51aliens and VitePunks while its DAOs are Exper­i­ment­DAO and Vit­a­min Coin among others.

Vite price jumped sharply after the launch of the ViteX Exchange. The launch means that any­one can pro­vide liq­uid­i­ty on the exchange. Traders can only receive $VX tokens for trad­ing and plac­ing lim­it orders for select­ed pairs.

Still, Vite’s busi­ness mod­el phas­es sev­er­al key chal­lenges. First, the net­work is com­pet­ing with oth­er super-fast and super-cheap blockchains like Bit­gert and Kade­na. As such, scal­a­bil­i­ty could be an issue. Sec­ond, the layer‑1 indus­try is get­ting com­pet­i­tive and crowded. 

Vite crypto price prediction

The dai­ly chart shows that the VITE price surged to the high­est lev­el since April. It rose to a high of $0.055 and then pulled back to the cur­rent lev­el of $0.040. The coin moved slight­ly above the key resis­tance lev­el at $0.036, which was the high­est lev­el on July 18. It has jumped above the 50-day mov­ing aver­age while the Rel­a­tive Strength Index (RSI) jumped to the over­bought level.

There­fore, the coin will like­ly con­tin­ue ris­ing as bulls attempt to retest the intra­day high of $0.055. A drop below the sup­port at $0.033 will inval­i­date the bull­ish view.