VeChain Price Hinges on Breaking Through $0.0070 Resistance Ahead of VIP-255 Upgrade
The VeChain price is at a critical juncture as it approaches the 200-day EMA, which sits around $0.0070. This resistance level has been a hurdle for buyers, who need to push through it to give the token some momentum.
The upgrade of VeChain's protocol, VIP-255, is scheduled to go live on September 16, and it includes three core changes. EIP-2935 will make historical block hashes accessible, while EIP-7825 introduces a gas ceiling for individual transactions. Meanwhile, EIP-7934 caps the encoded block size at 8 MiB.
The VeChain price has been climbing towards the 200-day EMA but has stalled around this level. If buyers can break through, the next potential levels are $0.0100 and $0.0160. However, if there is rejection, the token could drop back to $0.0050 or even $0.0042.
The success of VIP-255 will be crucial in determining VeChain's direction, especially with its impact on transaction limits, block size, and compatibility. With the upgrade just around the corner, September may decide the next move for this token.