The Vite cryptocurrency price is in a slow recovery process as investors buy the dip. The coin is trading at $0.029, about 71% above its lowest level in May this year. It remains about 98% below the highest level on record. This brings its total market cap to around $27.8 million, making it a relatively small coin.
What is VITE and why is it rising?
Vite is a low cost blockchain project with zero fees for web3 users. It uses a technique called Directed Acrylic Graph (DAG), a form of technology in which a single transaction is linked to multiple other transactions. Therefore, there are no transaction blocks in the DAG network.
As such, Vite helps ensure instant confirmation and zero-fee transactions. At the same time, Vite has a ViteBridge, which is a general-purpose, decentralized cross-chain transfer protocol for bridging all blockchains. Therefore, it helps to connect blockchains such as Bitcoin, Cosmos, Harmony, Polkadot and Near Protocol.
Another part of the Vite network is called ViteX, which is a high-performance order book decentralized exchange. It claims to be the first DEX built on a DAG, which means it charges no fees and executes faster.
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Some of the top platforms in the Vite ecosystem include Viva, ExperimentDAO, ViteScan, and Viterium, among others.
Developers have been working hard lately. In March of this year, they launched the Solidity++ version on mainnet. They are now working to ensure ViteBridge deploys the Avalanche bridge on testnet and introduces ViteX market orders.
It is unclear why the Vite price is on an upward trend. One potential reason is that the coin was recently added to the Binance US ecosystem, meaning Americans can now trade it.
Vite Crypto Price Prediction
The daily chart shows that the Vite cryptocurrency price has been in a strong bullish trend over the past few days. It has managed to bounce off a low of $0.016. The coin remains below the important resistance level at $0.036, which was the low on March 2.
VITE price has formed a bearish flag pattern between the 25-day and 50-day moving averages. Therefore, Vite token price is likely to resume the bearish trend and retest the key support at $0.01690.