VeChain (VET) Price Analysis: Fast Transactions Per Second Can Speed Up VeChain Price 

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • VeChain has achieved a new performance record with 165 processed transactions per second on the mainnet, which is 11 times more transactions per second than Ethereum. 
  • Currently, VeChain is on positive movement with an overall gain of 3.57%. 

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On the 7-day weekly chart, VeChain started with a price level of $ $0.0058. The altcoin started to show signs of gradual positive movement in the market for the past week. The crypto assets were also successful in breaking the crucial level of $0.0060.

VeChain was having significant price growth from the starting of the year. It started with a price level of $0.0050 and went up to the critical resistance area of $0.0070. After reaching the resistance area, the altcoin faced heavy price corrections, which brought it back to the support level of $0.0054.

twwet
Source: Twitter

Yesterday, VeChain achieved an impressive record being 11 times faster than Ethereum in terms of transactions per second speed on the mainnet. The twitter user Jake.com posted about the achievement of the crypto asset. Vechain with the speed 165 tps can process 11 times more transactions per second than Ether, which is currently only achieving around 15 tps.

Screenshot (35)
Source: Tradingview

The technical graph reflects on the bullish momentum build by vechain from the starting of the year which was followed by the downtrend shift. The altcoin touched the major support level of $0.0053 from which it started showing signs of gradual positive momentum. The crypto assets also broke the crucial level of $0.0060 again for assuring a bullish momentum again in the market

The technical indicators and oscillators somehow favor bullish momentum for the altcoin. MACD levels have finally reached a bullish zone after going to the depth of the bearish zone in the MACD graph.

The 24hour- RSI is also reaching a strong bullish level of 70. However, if RSI reaches the overbought zone and remains there for a long duration, we can see price correction activity again in the market.

The 24hour- CCI is also in the overbought zone and above the level of 100. A negative divergence from the overbought region to the normal region can favor VET bulls.

Resistance level: $0.0068 and $0.0070

Support level: $0.0060 and $0.0057

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