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Highlights June 10: VeChain flat despite becoming official UFC blockchain partner

The crypto market was mostly in the red over the past 24 hours, as the majority of top 10 cryptos were seen lower or flat at time of writing. 

Top cryptos

Bitcoin registered moderate losses, dropping below $30,000 at time of writing. Cardano shed almost 7% of its value, rapidly reversing recent gains. 

Cryptos outside the top 10 registered moderate losses, up to -4% for Litecoin. 

Top movers

Outside the top 20, the tendency was similar, with most coins losing 2-5% of their value. Notable standouts include Loopring with -7% and Stepn’s GMT with -6%. 

On the other end, the only discernible gainers are Bitcoin Gold, which added 3%, and Bitcoin SV, up 6%. 

The Bitcoin SV Technical Standards Committee appointed and reappointed five members for their leadership skills and their key knowledge of the Bitcoin SV blockchain. A listing on the crypto exchange Latoken is also coming up for the protocol.

VeChain is up less than 1% despite yesterday’s news that it has become the UFC’s first official Layer 1 blockchain partner.  

Trending

The biggest winner today is the token of Tenset, a dynamically growing blockchain project that sees itself as a bridge between the traditional stock market and the crypto market.

Tenset uses an intelligent staking method and a new-generation ETF 2.0 deflationary token. Its token is up 651% today. 

The post Highlights June 10: VeChain flat despite becoming official UFC blockchain partner appeared first on CoinJournal.

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Should you buy VET after VeChain’s partnership with UFC?

The cryptocurrency market has been underperforming over the past few hours, but VET is currently in a bullish move.

The cryptocurrency market is down by less than 1% over the past 24 hours as Bitcoin, and the other major coins are trading in the red zone. At the moment, the total crypto market cap remains below the $1.3 trillion mark.

Bitcoin, the industry leader, continues to maintain 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 amongst the top 40 cryptocurrencies by market cap. VET is currently up by more than 5% today, and it is only outperformed by a few cryptocurrencies, including Chainlink and Tezos.

VET’s ongoing positive performance can be attributed to VeChain’s partnership with UFC.

The VeChain Foundation announced on Thursday that it had entered a global marketing partnership deal with UFC, the world’s premier mixed martial arts organisation.

As a result, VeChain is now UFC’s first-ever Official Layer 1 Blockchain Partner, providing the blockchain Foundation with an unprecedented level of integration into key UFC assets.

Key levels to watch

The VET/USD 4-hour chart is bullish as VeChain has outperformed most of the leading cryptocurrencies over the last 24 hours.

The MACD line remains below the neutral zone, but the recent positive performance has seen it move higher. The 14-day relative strength index of 56 shows that VET is no longer in the oversold region.

At press time, VET is trading at $0.03165 per coin. If the positive momentum is maintained, VET could surge past the first major resistance level at $0.03358 before the end of the day.

However, VET could need the support of the broader crypto market to enable it to move past the $0.040 resistance point for the first time this month. 

The post Should you buy VET after VeChain’s partnership with UFC? appeared first on CoinJournal.