Grayscale considers adding Vechain (VET) token amid market recovery

Vechain VET token Grayscale
image from vechaininsider.com

Key VET token Takeaways:

  • Crypto ivestment vehicle Grayscale will consider several tokens to join the list of “assets under consideration,” including Vechain, the protocol designed to enhance supply chain management and business processes.
  • The protocol’s in-house token VET gained 7% mimicking Bitcoin.

YEREVAN (CoinChapter.com) – Vechain token price advanced 7% in two days, amid increased attention from Grayscale. In detail, Grayscale Investments is behind a family of products that provides investors with access to the digital currency asset class. The company offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many other cryptocurrencies. In addition, Grayscale considered a new batch of cryptos for 2022, and Vechain made the cut.

New potential products included Metaverse tokens Sandbox (SAND), Axie Infinity (AXS), and Gala (GALA). Grayscale will also consider several interoperability networks, such as Cosmos (ATOM) and Algorand (ALGO).

Also read: VeChain (VET) token price plunge 10% as foundation plans to float stablecoin VeUSD.

“Assets Under Consideration” lists some digital assets that are not currently included in a Grayscale investment product, but that have come to our attention as part of our exploration of this sector, and that our team has identified as possible candidates for inclusion in a future investment product.

commented the company.

While Vechain got under Grayscale’s radar, its VET token price advanced 7% in the previous two days, mimicking Bitcoin.

VeChain Token Price Action

Vechain token price came in at $0.054 in the Asian-Pacific session on Jan 26. Moreover, the digital asset crashed 70% amid the Bitcoin-led crypto avalanche.

Vechain (VET) token price action.
Vechain (VET) price action. Source: CoinMarketCap.com

However, as the alpha crypto took the road to recovery, so did many other altcoins, including Vechain. While Bitcoin gained 7% since Jan 23, VET mimicked the move. As a result, the Vechain token approached a significant resistance/support level at $0.056.

Vechain (VET) weekly chart with a Pennant.
Vechain (VET) weekly chart with a Pennant. Source: VETUSD on TradingView.com

If VET breaks the resistance, it could retest it as support in the upcoming sessions and secure the uptrend. However, the weekly chart revealed that VET lost another significant support line that assisted the token since early 2021. As a result, the relative strength index (RSI; momentum indicator) dropped to 37.

Also read: VeChain shares details about its PoA 2.0 upgrade as VET price jumps 15.3%.

Despite the bearish chart, Vechain remains dependent on the overall crypto market climate, particularly on Bitcoin. If the alpha crypto manages a bullish week, VET will likely follow suit.

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Vet token, Grayscale considers adding Vechain (VET) token amid market recovery

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