VET Breaks $0.024 Resistance, VeChain Poised for Gains with NYC Access With Institutional Interest

• Coinbase has added VeChain and other assets for New York residents, with VeChain’s founder celebrating the listing.

• Analyst JayJ3nks predicts VET will see significant gains after breaking through key resistance levels.

Coinbase has recently expanded its offerings to New York residents, adding five new digital assets to its platform, including NEAR, AERO, VET, VTHO, and PYUSD (ERC-20). This move has sparked significant interest in VeChain (VET), with market analysts predicting a strong bullish momentum for the cryptocurrency.

The listing of VET on the Coinbase New York exchange is a major boost for VeChain. Since New York is one of the largest financial centers globally, the state’s participation in the cryptocurrency market can create a strong demand for digital assets. The addition of VeChain is anticipated to boost its exposure and ease of use, which may attract more investors from the retail and institutional sides.

Sunny Lu, the founder of VeChain, didn’t miss this opportunity to express his joy on social media platforms, where he posted, “Hello New York!” This brief remark captures the overall sentiments of the VeChain community, especially regarding the prospect of VeChain in the US market. 

Hello New York! https://t.co/QNbJ3IMfNm

— Sunny LU @VeChain (@sunshinelu24) August 20, 2024

Analyst Forecasts Bullish Outlook for VeChain

Crypto analyst JayJ3nks recently posted a thread on X (formerly Twitter) highlighting VeChain’s bullish breakout. The analyst noted that VET has been able to rise past the $0. 024 resistance level, which shows that the price is in an upward trend. The analyst also mentioned that with key Fibonacci supports in place, the next upside target for VET/USD could be above $0. 028. This technical setup indicates that VeChain could witness significant growth in the coming days.

1/5 🔥 Bullish Breakout: VeChain just smashed through the $0.024 resistance, signaling strong bullish momentum. With support from key Fibonacci levels, the next target is $0.028+. This technical setup could drive significant gains for VET. #VET #Crypto

— JayJ3nks (@JayJ3nks) August 21, 2024

JayJ3nks pointed out that VET is still trading above the 50 and 200-day moving averages, which is a positive sign. This trend is in contrast to Bitcoin being unable to break the $69,000 barrier, making VeChain a potential strong performer in the market. 

The inclusion of VeChain in New York also indicates that more organizations can get involved. VeChain is one of the few firms that have capitalized on the cryptocurrency space in New York, and the involvement can boost the flow of capital into the firm. 

At the time of writing, VET is changing hands at $0.024 with a 0. 97% gain in the past week. It has also seen a 5% rise in the last 24 hours, which aligns with the bearish trend that has swept across the crypto market. 

Derivatives Data Shows Reduced Open Interest

VeChain has also experienced a decline in the derivatives market. Trading volumes in the token dropped by 3.9% in the last 24 hours to $29.24 million, revealing a reduction in open positions. This decline may be an indication of reduced confidence among the traders and a change in the market sentiment. 

The open interest declined, and the total trading volume in the derivatives market rose by 9.3% to $16. 52 million. Nevertheless, this growth in trade turnover was combined with a growth in long liquidations, which amounted to $6,580. This rise in liquidations suggests a more aggressive seller market, which puts bearish pressure on the token’s price.