VeChain’s VET looks poised as profit taking threatens bulls.
VET price rose sharply after Coinbase announced it would list VET and VeThor (VTHO).
VeChain news yesterday was all about the coin’s listing on Coinbase and its potential impact on the price of VeChain’s naive token VET.
While VET, as well as the blockchain ecosystem’s VeThor (VTHO), are battling to keep sellers at bay, the short term outlook suggests a potential flip higher. The sentiment across the broader crypto market could help VeChain price if bulls manage to hold above $0.015.
Coinbase lists VET and VTHO
VeChain rose nearly 10% as the market reacted to news of trading support for the token on major crypto exchange Coinbase.
The publicly-traded crypto company has over 100 million users and its listing of new tradable assets has often resulted in a spike in the price of the given cryptocurrency. The VeChain team said in a post on X that the listing is a great step towards mass adoption.
Coinbase added VET/USD and VTHO/USD pairs.
Trading will begin on or after 9:30 AM PT on 13 Sept 2023, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our VET-USD and VTHO-USD trading pairs will launch in phases.
— Coinbase Assets ????️ (@CoinbaseAssets) September 12, 2023
As highlighted by market intelligence and data analytics platform Santiment, VeChain’s native asset’s gains were also replicated, albeit more significantly, by VTHO.
???? #VeChain $VET is +9.4% and #VeThor $VTHO is +73.9% since their @coinbase listing news hit a bit over 1 day ago. As the top two current trending assets in #crypto, $VTHO is understandably taking volume from $VET as its gains have been far more notable. https://t.co/UQHo9JCa4r pic.twitter.com/Lw8ZK7kr1P
— Santiment (@santimentfeed) September 14, 2023
VET price hits resistance at key level
With VeChain’s recent development milestones – particularly on key partnerships for interoperability, healthcare, supply chain management and environmental sustainability – it appears bulls have what could be crucial in terms of pushing prices higher.
As such, the intraday high of $0.0168 could be critical as it is an area where bears dominated when prices fell in June and in mid-August.
In June, VET/USD bounced 50% from around $0.014 to $0.021. What this suggests is that a bullish flip has the potential to return VeChain’s price to the $0.02 area, a scenario likely given the MACD and daily RSI.
On the flipside, profit-taking at current prices coupled with fresh declines for the mega caps could trigger further losses for VET. The key price levels to watch in this case would be $0.014 and $0.013.
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