VeChain is up another 16 percent today to a price of $0.08657. Today’s price rise is the second steep climb of this week, but what is the reason for the sudden uptick?
What is the reason for the price increase?
VeChain has been in a downtrend since early January, pushing the price of the token to a low of $0.04001 on February 24, before starting a slow recovery that has continued ever since. However, the recovery was not particularly impressive until this week. This price increase is caused by good news from the VeChain Foundation.
The Foundation is strengthening its presence and cooperation in Europe. According to its co-founder, named Sunny Lu, VeChain is on track to hire a new technology team, with more than 100 developers, to support the growing demand from European companies.
Yesterday, VeChain also became a member of the Consumer Goods Forum (CGF), which brings together CEOs and senior management from more than 400 retailers, manufacturers and relevant stakeholders from nearly 70 countries, with combined sales of $2.79 trillion.
A week ago, the VeChain foundation signed a partnership agreement with the Draper University accelerator, which is expected to increase VeChain’s collaboration and adoption for future Web 3.0 projects and startups.
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What can we expect?
At the time of writing, VeChain has crossed the USD 0.07900 support level. The VET price is even near the USD 0.084 resistance level. If VeChain manages to close the daily candle above this level, that would be a very positive sign. This could cause a price hike to at least $0.095.