VET Price Analysis: VET Rises 6% as VeChain Becomes the First Official Blockchain Partner of UFC

• VeChain (VET) is up nearly 6% in the last 24 hours
• At the time of publication, VET was changing hands at $0.032
• VeChain will become UFC’s first-ever Official Layer 1 Blockchain Partner

VeChain (VET) is up nearly 6% in the last 24 hours after the positive news of its partnership with UFC surfaced. At the time of publication, VET was changing hands at $0.032. UFC, the mixed martial arts organization, and VeChain today announced a first-of-its-kind long-term partnership. VeChain will become UFC’s first-ever Official Layer 1 Blockchain Partner, providing the blockchain foundation with integration into key UFC assets, ranging from live events, including broadcast features and in-arena promotion, to original content distributed through UFC’s popular digital and social channels. Through UFC’s far-reaching global footprint, VeChain will have meaningful brand visibility within an estimated 900 million TV households in 175 countries that receive UFC’s broadcasts.

Key Levels
Resistance Levels: $0.0550, $0.0400, $0.0350
Support Levels: $0.0300, $0.0226, $0.0186

VET/USD Daily Chart: Ranging

VET/USD Daily Chart

Despite losses, the VET/USD pair appears to have been maintained in a range for the time being, and any significant move higher remains elusive. As a result, any subsequent higher movement will be met with a new supply in the $0.0350-$0.0385 area. As a result, for the time being, any further gains for the VET/USD pair near the $0.0350 mark might be restrained.

If the previous analysis is true, VET/USD might attempt to hold over the daily moving average (MA 50) and rise past $0.0400 in the near term. The immediate resistance level is $0.0350, and a break of it will take the price to the $0.0385-$0.0400 range. Keep in mind that rebound breakouts are highly sharp, and the next barrier at the $0.0550 level will be reached quickly.

VET/USD 4-Hour Chart: Ranging

With today’s spike past the 4-hour moving average (MA 50 and MA 200), the VET/USD’s intraday bias remains neutral. The focus is shifting to the $0.0350 resistance level. A further rebound might increase the corrective trend from the $0.0226 support level to the $0.0400 resistance level and provide a further spike.

In the short term, the VET/USD rallied significantly after bouncing from the $0.0300 level. A decisive break to the upside would indicate a good shift and lead to sustained gains into the $0.0350 resistance level, which would be tested. On the other hand, the $0.0300 low retests could be targeted if immediate support around 4-hour MA 50 is broken.

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