October has been bullish for Bitcoin, where the asset has claimed a new ATH of $66,930 with a more than 50% surge. As the crypto space has been on the trot with rapid volatility, November would be crucial and could conclude in contemplation of the Altseason.
As the flagship asset has been declining in dominance for the past 15 days, a majority of the altcoins are chugging up. Notably, VeChain has made a profound impact in terms of price action as well as collaborations and upgrades.
VeChain Prepares To Roll Out Proof-of-Authority 2.0!
The VeChain network works on the PoA consensus mechanism, which encompasses larger authority master nodes whose attributes are backed by the VeChain foundation. This allows ensuring network security and faster transaction to the governance policy of the platform.
The platform has recently completed the Proof-of-Authority 2.0 run on testnet on November 5th, 2021. The ecosystem has been anticipated to go live on the mainnet on November 16th, 2021. The launch would further speed up the transaction, allow speedy transactions, higher security, and transaction finality.
When a similar upgrade was carried out on PoA by the platform during March, the VET price almost surged by almost more than 500% claiming a new ATH of $0.25. Hence this upgrade could act as a major catalyst in the next bull cycle.
VeChain Price Analysis:
The VeChain (VET) price has been making higher highs since the start of the quarter. In the latest upswing, the price has been undergoing a slight retest, after claiming a new high of $0.1637. The 1-day chart from the Tradigview highlights incoming buy orders, where the price has been attempting to break from the uptrend channel.
The neckline for the channel lies close to $0.1600, breakout could uplift the price momentum to immediate resistance at $0.187. In the short term, the price is also expected to retest at $0.215 if more investors jump in to buy the asset. On the contrary, if sellers start to outpower buyers in the next couple of hours then VET price would consolidate between the bottom of $0.14 to $0.125 for the short-term.
Collectively, the VeChain ecosystem has recently surpassed the $10 billion market cap and looking strong for the next run. If the historical trend rhymes, then the price would surge by more than 50%. Notably, as the altcoin has dumped at the same pace in its march run, thorough research needs to be done before the investment.