VET Price Analysis: VET Up 8% Weekly as VeChainThor’s Key Mainnet Hard Fork Is Ready for Deployment

• At the time of publication, VeChain (VET) was up 8% weekly at $0.0258
• VeChainThor’s most significant mainnet hard fork is ready for deployment
• The v2.0.1 release will activate the hard fork named Finality on Mainnet

At the time of publication, VeChain (VET) was up 8% weekly at $0.0258 against the backdrop of other crypto assets, which were recording losses or minimal gains. After many years of hard work, VeChainThor’s most significant mainnet hard fork is ready for deployment following the successful vote on VIP-220, or “Finality with One Bit” (FOB). PoA 2.0 is game-changing for VeChain. The final phase of “Proof of Authority 2.0,” the integration of finality with VIP-220, goes live at block height 13815000, or on November 17, 8 a.m. UTC. In a Twitter post, it warns that transfers to or from exchanges may be temporarily suspended around the date of the upgrade. Developers and projects running Thor nodes are expected to upgrade their node software to version 2.01 before the mainnet upgrade to avoid any issues. The v2.0.1 release will activate the hard fork named Finality on Mainnet. It implements the VIP-220 Finality with One Bit (FOB) that allows nodes to be able to check the finality of blocks.

Key Levels
Resistance Levels: $0.0350, $0.0300, $0.0260
Support Levels: $0.0230, $0.0212, $0.0190

VET/USD Daily Chart: Ranging

VET/USD Daily Chart

VET/USD’s slight dip from a high of $0.0284 while vacating near overbought positions to a level of around $0.0253 could pave the way for the rally to recover. After four daily progressions in a row, ranging from 2-month highs in the current session to a level of $0.0284, VET/USD is now under some downward pressure and might fall to the $0.0235 area.

Sellers in the pair moved in following overbought conditions (according to daily RSI). The pair is presently declining 2.68 percent at level $0.0260 and confronts initial support at level $0.0230, followed by level $0.0212, and eventually level $0.0190 (low). On the contrary, a $0.024 (high) level breakthrough may aim at $0.0300 (high), inching closer to the $0.0350 (high) level.

VET/USD 4-Hour Chart: Ranging

VET/USD 4-Hour Chart

On the 4-hour chart, the Relative Strength Index has fallen below 60, exiting overbought conditions. Momentum stays upside-down, and the pair might shift toward the short-term 50-moving average. Resistance lies at level $0.0280 and above, a necessary step on the way to the top in the last few days, leading to a new high of $0.2845.

The next significant level to note is level $0.0300 and the short-term support beckons at a level of $0.0230, a support line in recent days. Sellers, on the other hand, have immediate support from the 4-hour MA 50 at $0.0247. If the VET/USD pair continues to fall, it may put pressure on the $0.0230 support level ahead of the Oct 13 lows of $0.0212.

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