VET is up by greater than 5% after the UFC deal

The cryptocurrency market has been underperforming over the previous few hours, however VET is at present in a bullish transfer.

The cryptocurrency market is down by lower than 1% over the previous 24 hours as Bitcoin, and the opposite main cash are buying and selling within the crimson zone. In the intervening time, the entire crypto market cap stays beneath the $1.3 trillion mark.

Bitcoin, the trade chief, continues to take care of its value at $30k regardless of dropping 0.7% of its worth over the previous few hours.

Nevertheless, VET, the native token of the VeChain ecosystem, is among the finest performers amongst the highest 40 cryptocurrencies by market cap. VET is at present up by greater than 5% at present, and it is just outperformed by just a few cryptocurrencies, together with Chainlink and Tezos.

VET’s ongoing optimistic efficiency could be attributed to VeChain’s partnership with UFC.

The VeChain Basis introduced on Thursday that it had entered a world advertising and marketing partnership cope with UFC, the world’s premier blended martial arts organisation.

In consequence, VeChain is now UFC’s first-ever Official Layer 1 Blockchain Companion, offering the blockchain Basis with an unprecedented degree of integration into key UFC belongings.

Key ranges to look at

The VET/USD 4-hour chart is bullish as VeChain has outperformed many of the main cryptocurrencies during the last 24 hours.

The MACD line stays beneath the impartial zone, however the current optimistic efficiency has seen it transfer larger. The 14-day relative power index of 56 reveals that VET is not within the oversold area.

At press time, VET is buying and selling at $0.03165 per coin. If the optimistic momentum is maintained, VET might surge previous the primary main resistance degree at $0.03358 earlier than the tip of the day.

Nevertheless, VET may need the assist of the broader crypto market to allow it to maneuver previous the $0.040 resistance level for the primary time this month.