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

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

    The cryptocurrency market is down by much less than 1% over the previous 24 hours as Bitcoin, and the different main cash are buying and selling in the purple zone. At the second, the complete crypto market cap stays under the $1.3 trillion mark.

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

    However, VET, the native token of the VeChain ecosystem, is one in every of the finest performers amongst the high 40 cryptocurrencies by market cap. VET is at the moment up by more than 5% at present, and it is solely 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 Foundation announced on Thursday that it had entered a worldwide advertising partnership deal with UFC, the world’s premier combined martial arts organisation.

    As a end result, VeChain is now UFC’s first-ever Official Layer 1 Blockchain Partner, offering the blockchain Foundation with an unprecedented stage of integration into key UFC property.

    Key ranges to look at

    The VET/USD 4-hour chart is bullish as VeChain has outperformed most of the main cryptocurrencies over the final 24 hours.

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

    At press time, VET is buying and selling at $0.03165 per coin. If the optimistic momentum is maintained, VET may surge previous the first main resistance stage at $0.03358 earlier than the finish of the day.

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

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