- VET/USDT pair surged by 20% in the last 24 hours on the back of explosive buying pressure.
- VeChainThor’s inclusion in the world’s greenest public blockchain list is driving bullish sentiment.
- The latest rally pushed VET into overbought territory, indicating that a pullback.
JAIPUR (CoinChapter.com) – VeChainThor’s native token VET resumed its uptrend, rallying nearly 20% to $0.11 on Friday. The VET/USDT pair took off from the $0.085 low on Thursday after bullish day traders bought the news regarding VeChainThor’s inclusion amongst the most eco-friendly blockchains in the world.
VeChainThor is a blockchain-powered supply chain platform. It operates and confirms transactions through the Proof of Authority (PoA) consensus method. And intends to enhance supply chain management and associated business processes.
The PoA consensus mechanism can help solve the energy issues plaguing blockchain usage and adoption, VeChainThor claims.
Recently, officials at the Centre Testing International Group Co. Ltd. (CTI) decided to put the same to the test by measuring VeChainThor’s carbon footprint. As per the results, the supply-chain redefining public blockchain generates 4.58 metric tons of carbon footprint per year.
The same amounts to 2.4% of the total carbon emission that Bitcoin miners generate to mine 1 BTC. The VeChain team cited the following two publicly available reports to substantiate their claims:
- Policy assessments for the carbon emission flows and sustainability of Bitcoin blockchain operation in China
- Comparing the Carbon Footprint of Gold and Bitcoin
Additional results from the test showed that the VeChainThor blockchain consumes 7581.31 kWh of electricity per year. Citing two more reports (from Fortune and Business Insider), VeChainThor’s team claimed that 4.3 Bitcoin/51 Ethereum transactions consume the said amount of power.
Lastly, the analysis found that the VET underpinning blockchain was an efficient alternative amongst Proof-of-Stake (PoS) blockchains.
“…each transaction on VeChainThor consumed approximately 0.000216 KWh, which was 0.04% of the amount estimated for Cardano…”the results declared
VET bulls capitalized on the aggregated cryptocurrency market’s recovery and VeChainThor’s “official green blockchain” certification to place long bids on the VET/USDT pair.
VET/USDT Technical Setup
But the VET/USDT pair’s near-vertical rally risks derailing amid overbought concerns. Explosive buying activity and a breakout from the Descending Channel setup pushed the token pair’s relative strength index (RSI) to 77.60. Any asset with an RSI figure above 50 and beyond 70 becomes a magnet for bears and profit takers.
A similar fate awaits VET even as a frantic bullish sentiment grips VeChainThor’s native blockchain token. VET/USDT prices could drop to $0.08145 in the event of a massive selloff. But that’s the maximum retracement that sellers can manage, as the price is a major support level.