The cryptocurrency market has been underperforming over the past few hours, but VET is currently gaining momentum.
The cryptocurrency market is down less than 1% over the past 24 hours as bitcoin and other major coins are trading in the red zone. At the moment, the total crypto market cap is below the $1.3 trillion mark.
The industry leader, Bitcoin, has maintained its price at $30k, despite losing 0.7% of its value over the past few hours.
However, VET, the native token of the VeChain ecosystem, is one of the best performers among the top 40 cryptocurrencies by market cap. VET is up more than 5% today, and it has only been outperformed by a few cryptocurrencies, including Chainlink and Tezos.
The ongoing positive performance of VET can be attributed to VeChain’s partnership with the UFC.
VeChain Foundation announced On Thursday, he signed a global marketing partnership deal with the world’s leading mixed martial arts organization UFC.
As a result, VeChain is now the first official Layer 1 blockchain partner of the UFC, providing the Blockchain Foundation with an unprecedented level of integration across major UFC assets.
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VET/USD 4-hours chart is bullish as VeChain has outperformed most major cryptocurrencies in the last 24 hours.
The MACD line remains below the neutral zone, but recent positive performance has seen it move higher. The 14-day Relative Strength Index of 56 shows that VET is no longer in oversold territory.
As of press time, VET is trading at $0.03165 per coin. If the positive momentum is sustained, VET may cross the first major resistance level of $0.03358 before the end of the day.
However, support from the broader crypto market may be needed to enable VET to cross the $0.040 resistance point for the first time this month.
