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VeChain

VeChain upgrades to proof-of-authority 2.0 consensus mechanism

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Supply chain tracking network VeChain has just upgraded its consensus mechanism to what it claims is the “world’s greenest” method of verifying blocks on the chain.

On Tuesday, VeChain reached a milestone in its six-year history by upgrading its VeChainThor mainnet to the first phase of the proof-of-authority (PoA) 2.0 SURFACE consensus algorithm.

VeChain is a supply chain tracking system that launched in 2015 and combines physical tracking with blockchain record keeping.

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PoA and proof-of-stake (PoS) differ from proof-of-work in that they do not require mining to reach network consensus. PoA achieves consensus by verifying users’ identities, while PoS does this by staking coins in the network.

The VeChain network runs with only 101 nodes. Fewer nodes reduce decentralization but increase the speed and reliability of the network. This tends to be favored for commercial and industrial applications. By comparison, Bitcoin currently has 13,244 nodes, while Ethereum has 2,701.

An added advantage is PoA is less energy-intensive and emits a very low amount of carbon. VeChain suggested that the new upgrade is the “world’s greenest consensus to drive mass adoption.”

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The upgrade consists of three major components according to the official announcement. The first is a verifiable randomness function that securely and randomly assigns nodes to produce blocks or process transactions, making them immune to corruption.

The second is a committee-endorsed block-producing process that significantly reduces the probability of network forking. Forking can cause delays and slow the throughput of the network.

The third component is a passive block finality confirmation process. This helps ensure new blocks are finalized even if all nodes on the network are unsynchronized.

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The PoA 2.0 SURFACE upgrade also aims to improve scalability, security and throughput on the VeChainThor mainnet.

The VeChain team explained in the announcement that the PoA 2.0 Secure Use-case adaptive Relatively Fork-free Approach of Chain Extension (SURFACE) is needed “to meet the demands of future blockchain applications and increasing global demand.”

Various exchanges, including Binance and Crypto.com, supported the hard fork of VeChain, whose native cryptocurrency, VET, has fallen around 10% over the past 24 hours.

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The VeChain project also announced on Tuesday the election of the second steering committee (SC). The SC is designed to “facilitate the efficiency of decision-making and ensures the fairness and effectiveness of execution for all fundamental matters.”

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Vechain price analysis: Recent upsurge drives price above $0.117 margin

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  • Price has heightened up to $0.117.
  • Vechain price analysis shows uptrend.
  • Support is stable at $0.103 level.

The bulls are striving to make a comeback, and so far, their efforts have been productive as the price covered an upward movement today. As the sellers have been active, a constant downswing has been following the market for the past few weeks. There have been bullish intervals where the market followed an increasing trend, but the overall lead has been for the bears. But now, the bulls are participating again as the price increased up to $0.117 today.

VET/USD 1-day price chart: Bullish trend uplifts coin value up to $0.117 high

The one-day Vechain price analysis confirms that chances of recovery are rising for the bulls because of a sudden reversal in trends. The bears have been dominating the price charts for the past few weeks as more selling activity occurred. But today, strong resistance from the bullish side was observed as the price increased up to $0.117 height. The price is still lower than its moving average (MA) value which is $0.122.

Vechain price analysis: Recent upsurge drives price above $0.117 margin 1

As the price has been undergoing a continuous decline for the past few weeks, the Bollinger Bands average has dropped to $0.138. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $0.174 while its lower back is at $0.103. The Relative Strength Index (RSI) score is now 38.89 after today’s recovery.

Vechain price analysis: Price stumbles at $0.117 after facing rejection

The four hours Vechain price analysis predicts a bearish trend as a slight decline in VET/USD market value can be detected. Although the bulls controlled the market trends earlier, the latest development has been in the bearish direction. The price is now settling down at $0.117 as a result of the latest bearish strike. The short-term trending line is still moving ascendingly due to the previous uptrend. At the same time, the moving average value at present is $0.113.

Vechain price analysis: Recent upsurge drives price above $0.117 margin 2
VET/USD 4-hours price chart. Source: TradingView

The volatility is on the decreasing side, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $0.121, whereas its lower back is at $0.108. The RSI score is now 38.89, which is quite a neutral figure.

Vechain price analysis: Recent upsurge drives price above $0.117 margin 3
VET/USD technical indicators chart. Source: TradingView

A strong selling trend has been dominating the market over the period of past two weeks, hence the bearish indication. The technical indicators chart is thus supporting the sellers by giving a bearish hint. Thirteen indicators are on the selling side; nine hands are on the neutral side, while only four are on the buying side.

The moving averages indicator is following a definite bearish trend because of the rise in selling activity. Currently, 11 hands are present on the selling position, three indicators are on the buying position, and one is on the neutral position. The oscillators predict a neutral trend as eight oscillators are on a neutral position, two oscillators are selling, and one is on the buying position.

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Vechain price analysis conclusion

The one-day and four hours Vechain price analysis is predicting an uptrend for the day as the price followed an increasing movement. Green candlesticks are marking a recovery for the bulls as the price has heightened up to $0.117. We can expect a rise in buying momentum in the upcoming weeks if the buyers perform persistently.

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CQ Twitter Poll: VeChain Wins Against SHIB, DOGE, and ADA

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  • The Crypto market is down, following the most dominant crypto Bitcoin.
  • ADA, DOGE, VET, SHIB are some cryptos that caught the attention of investors.
  • VeChain won the poll with 57.8%.

For some time, the cryptocurrency space becomes extremely furious, followed by whales on the streets. But the most dominant crypto, Bitcoin, initiates the dump and most of the assets just follow suit. Likewise, almost all crypto assets crashed heavily. As a result, many weak hands just let their assets go.

On the other hand, while other retail traders are negatively impacted by the dip, some traders are planning to buy during this time. Moreover, Cardano (ADA), Dogecoin (DOGE), VeChain (VET), and Shiba Inu (SHIB) are the cryptos that caught the eye of investors all around the world. Thus, CoinQuora published a Twitter poll to know the opinion of each follower in terms of which crypto they are willing to buy during the dip.

As a result of the poll, VeChain takes the lead with 57.8% votes, followed by Shiba Inu with 19.3% votes. At the same time, Cardano in third place gathered 17% votes, and Dogecoin took fourth place with 5.9% votes.

According to the result, the majority of CoinQuora’s followers believe in the VeChain network and they are willing to buy more VET tokens during the dip. At the time of writing, the VET price is trading at $0.1106 with a 24-hour trading volume of $389,052,842, according to CoinMarketCap.

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VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?

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  • VeChain price analysis indicates bearish momentum to follow.
  • VET/USD set slightly lower low at $0.12 yesterday.
  • A strong spike higher took VET above $0.13 today.

VeChain price analysis is bearish today as we expect another move lower once the current spike above $0.13 ends. Some selling pressure for VET/USD has already returned, likely leading towards more downside over the next 24 hours.

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen strong bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.7 and 6.88 percent, respectively. Meanwhile, the previous top performer, Crypto.com Coin (CRO), has reversed, losing almost 20 percent.

VeChain price movement in the last 24 hours: VeChain sets lower low at $0.12, spikes higher

VET/USD traded in a range of $0.1202 – $0.1309, indicating substantial volatility over the last 24 hours. Trading volume has increased by 14.11 percent, totaling $603 million, while the total market cap trades around $8.38 billion, ranking the coin in 26th place overall.

VET/USD 4-hour chart: VET spikes above $0.13

On the 4-hour chart, we can see the VeChain price action rapidly advancing over the past hours, likely leading to another lower high set over the next hours.

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?
VET/USD 4-hour chart. Source: TradingView

VeChain price has seen bearish momentum continue so far this week. After peaking slightly above $0.185 on the 9th of November, VET/USD saw a rapid decline over the following days to $0.15.

Some of the loss was regained on the 15th of November, as bulls quickly pushed VET above $0.175. However, bears took over again, leading to more downside last week to the $0.123 mark. 

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By the end of last week, another clear lower high was set at $0.14, with a further decline starting over the weekend. Since then, the VeChain price momentum has been steadily bearish, with the previous low tested again Yesterday. 

A quick break lower followed to $0.12, with immediate reaction higher overnight. Currently, VET/USD has spiked to $0.13, where another lower high should be set by the end of the day.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish today as we expect more downside to follow after the current spike higher. Likely VET/USD will establish another lower high around the current price levels, leading to more downside over the next 24 hours.

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While waiting for VeChain to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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