VeChain (VET) climbs 10%, does the November 17 hard fork have an impact on the price?

VeChain (VET) price was able to build on its bullish momentum over the past week and is currently going against the current market trend.

As reported by Bitcoinist, the entire crypto market is currently facing major fear of a contagion effect triggered by the perceived turmoil at US exchange FTX.

In the top 100 by market capitalization, there are currently only a handful of altcoins besides VeChain, including Chainlink (LINK) and Toncoin (TON), which are showing price gains over the past 24 hours. despite the turmoil. VET thus shows its fundamental strength at the moment.

In the last 24 hours, the price has increased by around 3%. Over the last seven days, there is even a gain of 10%. At the time of writing, VET was trading at $0.02610.

In the past 24 hours, VET’s trading volume was $274 million, up 228% from the previous day. At the current level, the VeChain price is facing major resistance. At the moment, VET has been rejected at the 200-day simple moving average (SMA) in the 1-day chart, while maintaining its position above the 100-day SMA.

The MACD indicator is also showing bullish signs. The MACD (Moving Average Convergence/Divergence) is a momentum indicator that shows the relationship between two moving averages of the price of a security. VET investors should therefore keep an eye on the indicator for any trend changes.

The RSI is neutral. The next big levels for VET are between $0.035 and $0.043.

VeChain (VET) shows its strength amid market turmoil in the 1-day chart. Source: Trading View

What is fueling the VeChain (VET) rally?

In addition to the numerous partnerships made public in recent weeks, VeChain is preparing for an extremely important event. L’announcement because it happened yesterday.

The VeChain Foundation has stated that the final phase of Proof of Authority 2.0 (POA2.0), the integration of finality with VIP-220, with a block height of 13,815,000, is expected to go live on November 17 at 8:10 a.m. UTC+0.

According to the VeChain Foundation, key advancements will include resolving the trade-off between Nakamoto and Byzantine Fault Tolerance Consensus, significant security improvements, data quality guarantees with finality, and achieving global sustainability goals.

This release activates the hard fork called Finality on the mainnet. It implements VIP-220 finality with one bit (FOB), which allows nodes to check the finality of blocks.

Via Twitter, the foundation said:

With this implementation, #VeChain takes a big step towards our goal of facilitating global mass #adoption of our #blockchain technologies, our goals of becoming the de facto platform for #sustainability and spearheading #economic digital transformation.

For VET holders, the November 17 hard fork will be virtually impactless. However, exchanges may temporarily suspend trading, deposits, and withdrawals around the date and time of the upgrade.

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