coinjournal.net
- 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.
Vechain price chart. Source: TradingView
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.