The cryptocurrency market has been underperforming for the past few hours, but VET is currently in a bullish move.
The cryptocurrency market is down less than 1% in the past 24 hours as Bitcoin, other major coins trade in the red zone. Currently, the total cryptocurrency market capitalization is still below the $1.3 trillion mark.
Industry leader Bitcoin continues to hold its price at $30,000 despite a 0.7% drop over the past few hours.
However, VET, the native token of the VeChain ecosystem, is one of the best performers among the top 40 cryptocurrencies by market cap. VET is currently up more than 5% and is only outpaced by a handful of cryptocurrencies including Chainlink and Tezos.
The continued positive performance of VET can be attributed to VeChain’s partnership with the UFC.
The VeChain Foundation announced Thursday that it has entered into a global marketing partnership agreement with the UFC, the world’s premier mixed martial arts organization.
As such, VeChain is now the UFC’s first official Tier 1 Blockchain Partner, providing the Blockchain Foundation with unprecedented integration with key UFC assets.
Key Levels to Watch
The VET/USD 4-hour chart is bullish as VeChain outperforms most of the leading cryptocurrencies over the past 24 hours.
The MACD line is still below the neutral zone, but the recent positive performance has moved it higher. The 14-day RSI of 56 indicates that VET is no longer in oversold territory.
At press time, VET is trading at $0.03165 per coin. If the positive momentum holds, VET could surge to the first major resistance level at $0.03358 by the end of the day.
However, VET may need support from the broader crypto market for it to break above the $0.040 resistance level for the first time this month.