VeChain and NEO ranked among the day's biggest gainers, both climbing more than 6% over the past 24 hours as the broader cryptocurrency market recovered from recent weakness. Bitcoin's price increase
VeChain and NEO ranked among the day's biggest gainers, both climbing more than 6% over the past 24 hours as the broader cryptocurrency market recovered from recent weakness. Bitcoin's price increase buoyed traders searching for alternative assets, pulling both tokens away from their recent dips and sparking renewed interest in alternative tokens.
VeChain's token, VET, trades at $0.0175 after climbing 6.6% during intraday trading. The coin had fallen to $0.015 following a failed attempt to break past $0.019 resistance, with selling pressure dominating the action. Over the past week, bulls recovered most of what they lost, setting up for a potential sustained rally. A daily close near $0.018 would signal the uptrend could hold and encourage further buying.
Coldiretti, Italy's largest farming cooperative, and Princes, the multinational food processor, announced they will integrate VeChain's ToolChain into a blockchain pilot program. The project will include 300 companies and aims to track farm produce from source through distribution.
More than 300 enterprises already use VeChain's ToolChain for food supply traceability. The Coldiretti and Princes deal expands that network and demonstrates the kind of real-world enterprise deployment that pushed VET higher on Wednesday.
On the charts, VET needs to clear the 50-day moving average at $0.0181 to confirm bulls have seized control. The RSI has turned upward, indicating buyers are building momentum. The next psychological target sits at $0.020. If selling accelerates, support materializes at $0.0161 from the parallel channel's midline and Bollinger Band. Should selling pressure intensify, traders would watch $0.0160 and the recent low of $0.0157 as potential support floors.
The 20-day moving average serves as the immediate target on the 4-hour timeframe.
NEO posted a 6.5% gain on the day, the biggest mover among the top 30 cryptocurrencies on Wednesday. The token touched an intraday high of $11.46 and trades around $11.21.
Two key moving averages support upside moves: the 50-day simple moving average at $10.80 and the 100-day SMA at $10.07. NEO sits above the upper boundary of a descending channel, positioning bulls to target a daily close at $12.00. However, seller congestion appears around $13.00, where the token may encounter resistance. The RSI on the daily chart remains flat, and buyers need it to climb higher if they want to push through the overhead supply during later trading sessions.
