VeChain Plans to Change Its Blockchain Protocol
VeChain (VET) is currently trading at $0.0156 amid high volatility in the cryptocurrency market. The project plans to move its mainnet from Proof of Authority (PoA) to Delegated Proof of Stake (DPoS). This change will happen with the upcoming Hayabusa upgrade.
The switch to DPoS will let all VET holders participate by staking and delegating tokens to validators. VeChain said this upgrade will improve security and decentralization. It will also keep predictable fees, which are important for real-world users.
VeChain explained, “Token holders gain a direct role in security and rewards. Node operators compete on performance and trust. Businesses and builders keep the predictable costs that make consumer-grade experiences possible.”
VeChain Faces Possible Price Drop
VeChain’s price is below key moving averages, showing strong bearish pressure. It trades below the 50-day EMA ($0.0182), 100-day EMA ($0.0203), and 200-day EMA ($0.02289). The Relative Strength Index (RSI) is at 41 and moving lower, signaling increasing sell pressure.
The Moving Average Convergence Divergence (MACD) indicator may soon give a sell signal. If the MACD line crosses below the signal line, investors could sell their holdings. This could push the price down further.
If the downtrend continues, VeChain could drop by 15% to around $0.0132. However, if buyers defend support at $0.0150, a price recovery is possible.
Market Conditions and Investor Sentiment
Overall, the cryptocurrency market remains volatile. Many investors are cautious due to economic uncertainty and lack of strong price triggers. This risk-off mood keeps some investors from buying or selling aggressively.
