Here is why VeChain is up by more than 15% today
VeChain is one of the best-performing cryptocurrencies today, adding more than 15% to its value.
The broader cryptocurrency market has been performing well over the past 24 hours. In the last 24 hours, the cryptocurrency market cap has increased by roughly 6%. As a result, the total cryptocurrency market cap currently stands above $2.1 trillion.
Bitcoin, the leading cryptocurrency by market cap, surpassed the $45k resistance level and rallied past $47k earlier today. Ether also topped the $3,300 mark and could target the $3,500 psychological level over the coming hours.
However, VET, the native token of the VeChain ecosystem, is up by more than 15% today, making it one of the top performers amongst the leading 50 cryptocurrencies by market cap.
The primary catalyst behind this rally could be the launch of the VeChain Hackathon over the weekend. The VeChain Foundation announced over the weekend that its Hackathon is now live, and developers stand to win $25,000 and other bonuses.
Key levels to watch
The VET/USD 4-hour chart is currently bullish, thanks to VeChain’s ongoing rally. The technical indicators show that VET is currently outperforming the broader cryptocurrency market cap.
The MACD line is above the neutral zone, indicating a positive momentum. The 14-day relative strength index of 52 shows that VET could enter the oversold region if the rally continues.
At press time, VET is trading at $0.07513 per coin. If the bulls remain in charge, VET could surpass the first major resistance level at $0.0785 before the end of the day.
In the event of extended positive performance, VET could trade above $0.080 for the first time since January 2022.