- VeChain price popped after the Franklin Resources spot ETF filing.
- The coin also jumped after Coinbase added support for VET and VTHO.
- Cryptocurrencies tend to do well after being added to a leading exchange.
Vechain price drifted upward on Tuesday as cryptocurrencies bounced back after the Franklin Templeton ETF application. VET jumped to a high of $0.016, the highest level since August 29th. At its peak, VeChain was up by more than 16% from its lowest level this week.
Coinbase adds VeChain
The biggest catalyst for VeChain and other cryptocurrencies was the decision by Franklin Resources to apply for a spot Bitcoin ETF. This was a notable news since Franklin is one of the biggest companies in the financial services industry with over $1.5 trillion in assets.
Franklin joins other Wall Street titans like Blackrock and Invesco who have applied for a spot ETF. While it is too early to predict, analysts believe that the SEC will accept at least one of these funds in the near term.
This view became more popular after Grayscale won a landmark lawsuit against the SEC two weeks ago. It was the second-biggest SEC loss after it lost its lawsuit against Ripple a few months earlier.
Read more: How to buy VeChain.
VeChain price also jumped after Coinbase Assets added support for both VET and VeThor on the VeChain network. In a tweet, the company said that transfers of the two tokens will be available in regions where it is supported. This is an important announcement since Coinbase is one of the biggest exchanges in the world.
Historically, cryptocurrency prices rise after being supported by a major exchange like Coinbase and Binance. In most cases, however, these gains tend to be short-lived as the excitement fades.
The other important VeChain news was that its VeCarbon helped to facilitate Huabao New Energy to achieve the Climate Pledge Friendly certification by Amazon.
Vechain price prediction
The daily chart shows that the VET price has been in a strong bearish trend after peaking at $0.032 in February this year. It was trading at $0.016 on Wednesday morning, a few points above this month’s low of $0.014. The coin is a few points below the 50-period moving average and the upper side of the descending channel.
VeChain is also forming a falling wedge pattern, which is usually a bullish sign. Therefore, I suspect that the token will retreat and retest the lower side of the wedge in the near term. In the longer term, VeChain price will likely bounce back and retest the key resistance at $0.021 (July 1st high).
