VeChain (VET) Tests The 200 SMA Around $0.13 After Hard Fork

VeChain (VET) is today the trending topic among the altcoins sphere, following the deployment of its so-expected network’s upgrade and hard fork that already took place at around 08:00 GMT. When the block height hit 10,653,500, the hard fork started to work at the blockchain, which is part of VeChainThor v1.6.0.

With the mainnet in place, VeChain sought to add improvements in terms of scalability and being eco-friendly at the same time.

Preventing Grinding Attacks

To achieve that, the foundation behind VeChain partnered with several companies around the world. As a result, VeChain already activated POA2.0 Phase 1 on November 5, and today’s mainnet is the latest step to activate it.

Finally we've made it! #10653500🎉https://t.co/mXgVKjqGta

Thank you all for your continuous efforts! @PeterZh47977516 @cola_tin @liboliqi @abyteahead @MogLu2017 @AsbertMa @xjwx89 @vechaindev

We also need to say thanks to our dearest #VeFam.

Let's enjoy this moment together! https://t.co/A6zMcsREbJ

— VeChain Foundation (@vechainofficial) November 16, 2021

The foundation noted that it combined the Byzantine Fault Tolerance and the Nakamoto blockchain consensus mechanisms within this hard fork, meaning three-block producers will be randomly chosen to verify each block, preventing grinding attacks.

That said, no VET holders and others running in the blockchain must perform additional actions after the hard fork’s deployment.

VET’s price action had a decline after the hard fork’s implementation on the mainnet, testing the 200-period simple moving average at the H4 chart. However, VET rebounded quickly and managed to stay around the $0.15 neighborhood.

Targeting $0.18 If Bulls Gain Steam Above $0.17

The overall picture stays positive, bullish, with the token developing higher lows and higher highs from a broad perspective. However, as the price broker the lows from last week, an additional bearish move cannot be discarded at all, leading to another fall towards the $0.12 level in the first degree.

After that zone gives up, eyes will be on the $0.11 level as the next tough nut to crack in the bearish outlook.

However, once VET picks up momentum above $0.15 and breaks with two-candlestick closure in the H4 chart above it, the crypto is poised to test $0.17, with the next target set around $0.18, which also belongs to the highs from November 9. In the meantime, the RSI indicator is nearing the oversold territory.