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Here’s why the Vite crypto price is soaring and what next

The Vite crypto price is in a slow recovery process as investors buy the dip. The coin is trading at $0.029, which is about 71% above the lowest level in May this year. It remains about 98% below the highest level on record. This brings its total market cap to about $27.8 million, making it a relatively small coin.

What is VITE and why is it rising?

Vite is a low-cost blockchain project that offers zero fees for web3 users. It uses a technology known as directed acrylic graph (DAG), which is a form of technology where individual transactions are linked to multiple other transactions. As such, there are no blocks of transactions in DAG networks.

As a result, Vite helps to ensure that there is instant confirmations and zero-fee transactions. At the same time, Vite has a ViteBridge, which is a generic and decentralized cross-chain transfer protocol to bridge all blockchains. As a result, it helps to bridge blockchains like Bitcoin, Cosmos, Harmony, Polkadot, and Near Protocol among others.

Another part of the Vite network is known as ViteX, which is a high-performance order-book decentralized exchange. It describes itself as the first DEX built on DAG, meaning that it has no fees and faster execution.

Learn more about how to trade crypto.

Some of the top platforms in Vite’s ecosystem are Viva, ExperimentDAO, ViteScan, and Viterium among others.

The developers have been working hard of late. In March this year, they introduced Solidity++ release on the mainnet. They are now working on ensuring that ViteBridge to deploy Avalanche bridge on testnet and introduce ViteX market orders.

It is unclear why the Vite price is in an upward trend. A potential reason is that the coin was recently added in Binance US ecosystem, meaning that Americans can now trade it.

Vite crypto price prediction

The daily chart shows that the Vite crypto price has been in a strong bullish trend in the past few days. It has managed to move from a low of $0.016. The coin remains below the important resistance level at $0.036, which was the lowest point on March 2.

VITE price has formed a bearish flag pattern and is between the 25-day and 50-day moving averages. Therefore, there is a likelihood that the Vite token price will resume the bearish trend and retest the key support at $0.01690.

The post Here’s why the Vite crypto price is soaring and what next appeared first on CoinJournal.

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Why is ICP up by more than 9% today?

The cryptocurrency market is recovering from the slump it suffered earlier this week. 

The cryptocurrency market is trading in the green zone after losing some of its value earlier this week. The market has added more than 1% to its value in the last 24 hours, but the total market cap remains below $1.3 trillion.

Bitcoin is still struggling below the $30k mark despite adding less than 1% to its value so far today. Ether is in the red zone, dipping by more than 3% in the last 24 hours. At press time, ETH is struggling to stay above the $1,700 support level.

ICP, the native token of the Internet Computer ecosystem, is currently the best performer amongst the top 50 cryptocurrencies by market cap. ICP has outperformed the other major cryptocurrencies in the last 24 hours.

There is no apparent catalyst behind ICP’s ongoing positive performance. In the last seven days, ICP has added more than 15% to its value.

The Internet Computer community might be warming up to DFINITY’s upcoming SUPERNOVA hackathon. This is the hackathon of the Internet Computer community, and could see some great projects deployed on the blockchain.

Key levels to watch

The ICP/USD 4-hour chart is bullish as ICP has been performing well over the past few days. 

The MACD line is within the positive territory, indicating bullish momentum. The 14-day relative strength index of 52 shows that ICP is no longer within the oversold region.

At press time, ICP is trading at $8.29 per coin. If the rally continues, ICP could move past the $9.14 resistance level before the end of the day. 

However, it would need the support of the broader crypto market to reach the $10 mark in the short term. 

The post Why is ICP up by more than 9% today? appeared first on CoinJournal.