VeChain and NEO both rose more than 6% in the past 24 hours, with VeChain’s ToolChain now used by over 300 companies for food traceability
NEO and VeChain lead the list of top-performing altcoins after recovering from recent declines.
VeChain recently failed to break resistance at $0.019, which led to a sell-off that pushed the price down to $0.015. Conditions are improving as the cryptocurrency market rebounds and traders receive support from a rising Bitcoin price.
Positive developments for VeChain include a collaboration with Italian agricultural giant Coldiretti and the food processing multinational Princes. Both parties announced plans to integrate VeChain’s ToolChain into a distributed ledger technology (DLT) pilot. The large-scale project brings together some 300 companies and aims to use VeChain to track agricultural products.
NEO also gained in the last 24 hours, giving bulls hope for a move toward $13.00 in upcoming trading sessions.
VET/USD
VeChain’s VET is trading at $0.0175, up 6.6% on intraday trading. At the time of writing, the VET/USD pair has recovered most of the losses posted earlier in the week, and bulls are aiming to close the day near $0.018 to support an upward trend.
On the charts, the 20-period moving average on the four-hour timeframe is the immediate target. VeChain will confirm a bullish case if it runs toward the 50-period moving average at $0.0181, which looks likely given the recovering RSI. Further gains would push the price toward the psychological $0.020 level.
Immediate support on a pullback sits at $0.0161, provided by the midline of the parallel channel and the lower Bollinger Band. If selling intensifies, bulls can expect additional support near $0.0160 and the recent low at $0.0157.
NEO/USD
The NEO/USD pair is up 6.5% on the day, marking the largest gain among the top 30 cryptocurrencies this Wednesday. The altcoin reached an intraday high of $11.46 and is currently trading around $11.21.
The move is supported by two key moving averages: the 50-day simple moving average at $10.80 and the 100-day moving average at $10.07. Additionally, NEO/USD has risen above the upper boundary of a descending channel, prompting bulls to target a close at $12.00.
Technically, buyers may face selling congestion around $13.00. A sustained rise in the daily RSI would help reinforce buying pressure in subsequent trading sessions.