Both VeChain and VeThor made headlines earlier this month after their listing on the biggest US exchange, Coinbase. Both digital assets are an integral part of the VeChain ecosystem. While VET crypto is the utility token of the enterprise blockchain, VTHO coin is the token to pay for the gas fees.
After the announcement of the Coinbase listing, VeThor token price soared on 12 September 2023. The strong surge resulted in a 102% price increase within 48 hours. However, the price started to correct as the sellers came above the $0.0014 level. Since then, the price has plummeted 33.5%.
VTHO token was trading at its yearly lows when the news of the major listing hit the markets. It was as if the whole thing was pre-planned. Such pumps and dumps are often seen in cryptocurrencies, which are orchestrated by the market makers.
The network activity on the VeChain blockchain has been the primary reason behind the recent slump in the VeThor token. The coin derives its value from the demand on the network as it is the gas token of the whole ecosystem.
The token has once again slid below the 200-day moving average, which is a very bearish sign on the daily chart. After an 8.98% rebound on Tuesday, the price is trading 4.3% lower on Wednesday. On a higher timeframe, the native asset is changing hands at $0.001173, which is 97.5% below its all-time high.
VeThor Token Price Needs To Break Above $0.0014
The most critical level on the daily chart remains the $0.0014 level. This resistance level has been retested multiple times this year, but the price failed to gain any strength above it. VeThor token price prediction of $0.0018 may become a reality if bulls break above the $0.0014 level soon.
While the price has broken the local bearish structure on the daily chart, I need more confirmation from the price to flip bullish.
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