VeChain Broke Major Resistance Area
The crypto market is pretty green today with all the important coins trading upwards and VeChain (VET) is not an exception.
The price of VET recorded a surge that allowed the coin to move to a new YTD high position.
This also managed to break a major resistance area.
What sparked the surge for the coin is not known at the moment but there have been all kinds of positive developments within the network and this is important to mention.
At the moment of writing this article, VET is trading in the green.
VeChain gets a positive review from Early Metrics
VeChain got a positive review from Early Metrics as well.
VeChain is currently the 20th largest crypto project by market cap. Its market cap reached $851 recently after a major rally.
The coin’s price has skyrocketed by 8.57% over the weekend. Which has allowed the coin to reach new highs via the YTD chart.
At the moment of writing this article, VET is priced at $0.015347.
Potential price catalyst
The main reason for the recent price surge of VeChain was initially unknown.
But, according to Smartereum, the price rise came right after the recent Early Metrics’ review of the VeChain project.
“The report investigated the project’s potential as a reliable entity. In the end, it led to much praise of its technology. The rating firm named VeChain as one of the fastest-growing digital currency networks,” according to the online publication.
They continued and explained that “It gave VeChain many positive reviews in terms of growth logic, market position, operational implementation, and much more.”
In other news, VeChain got in the spotlight due to the latest move that they made for the pharmaceutical industry.
Bayer China revealed in a recent interview that it chose VeChain as a tech provider for a new blockchain-powered solution.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.