VET surges by 4% after VeChain announces PoA 2.0 hard fork date

VET is one of the best performers amongst the top 50 cryptocurrencies by market cap so far today.

VET, the native coin of the VeChain Thor blockchain, is up 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.

After many years of hard work, #VeChainThor’s most significant mainnet hard fork is ready for deployment following the successful vote on VIP-220, or ‘Finality with one Bit’ (FOB).

PoA2.0 is game-changing for #VeChain.

Let’s explore what users will need to do in a thread👇 $VET pic.twitter.com/uxulpfRc6W

— VeChain Foundation (@vechainofficial) November 7, 2022

The team pointed out that  PoA 2.0 is the most significant mainnet hard fork by VeChain and will greatly 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 over the past 24 hours, with the total cryptocurrency market cap now below $1 trillion.

Bitcoin has lost more than 4% of its value in the last 24 hours and is now trading below $20k for the first time in more than a week. Ether, the second-largest cryptocurrency by market cap, is down by 5% and is trading below $1,500. 

Key levels to watch

The VET/USD 4-hour chart is bullish, as VeChain has been performing well over the last 24 hours. The technical indicators show that VET is outperforming the broader crypto market. 

VET/USD Chart By TradingView

The MACD line is within 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 higher.

At press time, VET is trading at $0.02629 per coin. If the bullish trend continues, VET could move past the $0.0305 resistance level over the next few hours.

However, VET could need the support of the broader crypto market to rally above the $0.03375 resistance level for the first time since August. 

Where to buy VeChain now

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy VET with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies.

Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods.

Users can benefit from a beginner-friendly interface and relatively low fees.

Buy VET with KuCoin today