- Profit taking is expected to threaten the strength of VeChain’s VET.
- VET price surged after Coinbase announced that it would list VET and VeThor (VTHO).
Yesterday’s VeChain news was about the coin’s listing on Coinbase and its potential impact on the price of VeChain’s naive token VET.
While VET and blockchain ecosystem’s VeThor (VTHO) are fighting to block sellers, near-term outlook points to a potential reversal. Sentiment across the broader cryptocurrency market could help the VeChain price if the bulls hold above $0.015.
Coinbase Lists VET and VTHO
VeChain rose nearly 10% as the market reacted to news of support for token trading from major cryptocurrency exchange Coinbase.
Publicly traded cryptocurrency companies have over 100 million users, and the listing of new tradable assets often causes the prices of those cryptocurrencies to skyrocket. VeChain Team said In X’s post, the list is said to be a big step toward mass adoption.
VET/USD and VTHO/USD pairs added to Coinbase.
If liquidity conditions are met, trading will begin after 9:30 AM PT on September 13, 2023. Once sufficient supply of this asset is available, trading will begin in stages on the VET-USD and VTHO-USD trading pairs.
— Coinbase Assets 🛡️ (@CoinbaseAssets) September 12, 2023
As highlighted by Santiment, a market intelligence and data analytics platform, the gains of VeChain’s underlying assets were replicated by VTHO.
🥳 #VChain $VET +9.4% #vetor $VTHO Afterwards, it is +73.9%. @Coinbase News of the listing came out a little more than a day ago. As the current top two trending assets: #Cryptocurrency, $VTHO obviously $VET Because the gains were much more noteworthy. https://t.co/UQHo9JCa4r pic.twitter.com/Lw8ZK7kr1P
— Santiment (@santimentfeed) September 14, 2023
VET prices hit resistance at key levels.
Especially with VeChain’s recent development milestones on key partnerships for interoperability, healthcare, supply chain management, and environmental sustainability, it looks like the bulls could play a decisive role in terms of price increases.
VeChain price chart. Source: TradingView
Therefore, an intraday high of $0.0168, an area that was dominated by bears when prices fell in June and mid-August, could be very significant.
In June, VET/USD rebounded 50% from approximately $0.014 to $0.021. This means that a bullish reversal is likely to push VeChain’s price back to the $0.02 level, which is a likely scenario considering MACD and daily RSI.
On the other hand, taking profits at the current price and a new drop in the extra-large cap may cause further losses for VET. In this case, the key price levels to watch are $0.014 and $0.013.