VeChain’s new network announcement might deter you from shorting

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  • Mar­ket indi­ca­tors sug­gest that the investors might have trou­ble ahead.
  • VET received less inter­est from the deriv­a­tives mar­ket too, but its devel­op­ment activ­i­ty was high. 

VeChain [VET] recent­ly made a major announce­ment regard­ing its much await­ed hard fork. Accord­ing to the update, VeChainThor’s main­net hard fork was ready for deploy­ment fol­low­ing the suc­cess­ful vote on VIP-220. 


Read VeChain’s [VET] Price Pre­dic­tion 2023–24


The final phase of ‘Proof of Author­i­ty 2.0’ (POA2.0), the inte­gra­tion of final­i­ty with VIP-220, will go live at block height 13815000, which is expect­ed to hap­pen on 17 Novem­ber. The new upgrade will con­sid­er­ably improve the secu­ri­ty of the net­work, which is a major thumbs up for VeChain. 

More­over, a few notable part­ner­ships and inte­gra­tions hap­pened in the VeChain ecosys­tem. For instance, VeChain Foun­da­tion will be using Quest­book for grants & boun­ties. VeChain Foun­da­tion grants are designed to pro­vide resources for devel­op­ers look­ing to build on VeChainThor.

How­ev­er, despite these pos­i­tive updates, things did not look quite promis­ing for VET in terms of its price action, as it reg­is­tered an 11% decrease in val­ue in the past 24 hours. Accord­ing to Coin­Mar­ket­Cap, at press time, VET was trad­ing at $0.02282 with a mar­ket cap­i­tal­iza­tion of more than $1.6 billion. 

Which way is VET headed?

A look at VET’s dai­ly chart shed some light regard­ing the direc­tion VET was head­ed. Though a few of the mar­ket indi­ca­tors did sug­gest an uptrend in the com­ing days, the rest revealed the pos­si­bil­i­ty of the bears gain­ing an advantage. 

The Rel­a­tive Strength Index (RSI) reg­is­tered a downtick and went below the neu­tral mark, increas­ing the pos­si­bil­i­ty of a price decline. 

More­over, the On Bal­ance Vol­ume (OBV) also went down, which is yet anoth­er bear­ish sig­nal. Nonethe­less, the CMF’s read­ing was dif­fer­ent as it marked an uptick. 

The Expo­nen­tial Mov­ing Aver­age (EMA) Rib­bon dis­played a bull­ish crossover as the 20-day EMA flipped the 55-day EMA, giv­ing hope to investors. 

Source: Trad­ingView

Here’s what the metrics reveal

Inter­est­ing­ly, not only the mar­ket indi­ca­tors, but quite a few met­rics were also against the token. For Exam­ple, VET failed to receive inter­est from the deriv­a­tives mar­ket as both its Binance and FTX fund­ing rate went down sharply on 9 November. 

The weight­ed sen­ti­ment was also con­sis­tent­ly down, indi­cat­ing less pop­u­lar­i­ty of VET in the cryp­to com­mu­ni­ty. How­ev­er, VET’s devel­op­ment activ­i­ty was con­sid­er­ably high, which is a pos­i­tive sig­nal for the network. 

Source: San­ti­ment



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