VeChain’s VET token experienced a significant price surge following the news of its listing on popular cryptocurrency exchange Coinbase. The listing on Coinbase, which boasts over 100 million users, is seen as a step towards mass adoption for VeChain. The announcement also resulted in a spike in the price of VeChain’s VeThor (VTHO) token. While the short-term outlook looks positive, with the potential for further price gains, profit-taking and market volatility could still pose a threat to the bullish momentum.
Coinbase Adds VET and VTHO to Its Trading Pairs
Coinbase announced the addition of VET/USD and VTHO/USD trading pairs, which contributed to the surge in VeChain’s price. The exchange will commence trading on or after September 13, 2023, subject to liquidity conditions. VeChain’s team expressed their optimism about the listing, highlighting its importance for widespread adoption.
The market intelligence platform Santiment also noted that VTHO experienced even more significant gains compared to VET since the Coinbase listing news broke. This suggests that VTHO’s increased volume is drawing attention away from VET due to its notable gains.
VET Price Faces Resistance at Key Level
VeChain’s recent development milestones, particularly in areas such as partnerships for interoperability, healthcare, supply chain management, and environmental sustainability, have provided a positive foundation for price growth. Technical analysis indicates that the $0.0168 resistance level is crucial, as it previously acted as a barrier when VET prices fell in June and August. If the bulls can overcome this level, VeChain’s price has the potential to reach $0.02. However, profit-taking and market downturns could result in further losses, with key support levels at $0.014 and $0.013.
What is VeChain (VET)?
VeChain (VET) is a blockchain platform designed for enhancing supply chain management and business processes. It aims to provide businesses with transparent and secure data management by leveraging blockchain technology.
What is VeThor (VTHO)?
VeThor (VTHO) is the native token of the VeChainThor blockchain. It serves as the “gas” required to perform transactions and execute smart contracts on the VeChain network.
Why is VeChain’s listing on Coinbase significant?
Coinbase is one of the largest and most reputable cryptocurrency exchanges in the world, with a user base of over 100 million. The listing of VeChain on Coinbase increases its accessibility to a wider audience of investors, potentially leading to increased liquidity and price appreciation.
What factors could impact VeChain’s price in the future?
VeChain’s price is influenced by various factors, including market sentiment, overall cryptocurrency market trends, developments in the blockchain industry, partnerships, regulatory developments, and the demand for VeChain’s solutions in supply chain management and other sectors.
Is VeChain a good investment?
Investing in cryptocurrencies carries inherent risks, and VeChain is no exception. It is important to conduct thorough research, consider your risk tolerance, and consult with a financial advisor before making any investment decisions.
How can I buy VeChain (VET)?
VeChain (VET) can be purchased on various cryptocurrency exchanges, including Coinbase, Binance, Bitfinex, and KuCoin. To buy VET, you need to create an account on one of these exchanges, deposit funds, and place a buy order for VET.
VeChain’s VET token experienced a significant price surge following its listing on Coinbase. The announcement of trading support for VET and Vethor (VTHO) on Coinbase caused the price to rise by nearly 10%. This news is seen as a crucial step towards mass adoption for VeChain. However, the short-term outlook remains uncertain, as profit-taking and market volatility could affect the bullish momentum. Technical analysis suggests that overcoming the resistance level at $0.0168 could lead to further gains for VeChain’s price, while support levels are at $0.014 and $0.013.