VET is one of the top performers among the top 50 cryptocurrencies by market capitalization to date.
VET, the native coin of the VeChain Thor blockchain, has increased by more than 4% in the last 24 hours. Thanks to its latest rally, VET is outperforming the broader cryptocurrency market.
The positive performance comes after the VeChain Foundation announced that its Proof of Authority (PoA) 2.0 is set to go live on November 17 at block height 13815000.
The team pointed out that PoA 2.0 is VeChain’s most important mainnet hard fork and will significantly improve the blockchain.
VET’s positive performance comes as the broader crypto market continues to underperform. The crypto market has lost 4% of its value in the past 24 hours, with the total cryptocurrency market capitalization now below $1 trillion.
Bitcoin has lost more than 4% of its value in the past 24 hours and is now trading below $20,000 for the first time in more than a week. Either the second largest cryptocurrency by market cap is down 5% and trading below $1,500.
Key levels to monitor
The 4-hour VET/USD chart is bullish, as VeChain has performed well over the past 24 hours. Technical indicators show VET outperforming the broader crypto market.
VET/USD Chart by TradingView
The MACD line is in the positive zone, indicating that the bulls are currently in charge. The 14-day relative strength index of 57 shows that VeChain could enter the overbought region if it rallies.
At press time, VET is trading at $0.02629 per coin. If the uptrend continues, VET might break above the $0.0305 resistance level within the next few hours.
However, VET may need the support of the broader crypto market to break above the $0.03375 resistance level for the first time since August.
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