The VeChain VET Foundation stated that the upgrade will allow the blockchain to witness mass adoption, and the VeChain network would also become one of the first “combined consensus mechanisms.”

Voting for the process started on October 11 and will end on October 18 of 2021. The authority masternodes and Economic x nodes will have a voting weight of 40%, while the Economic nodes would be able to obtain a 20% voting authority.

VeChain price at risk of 10% correction

However, VeChain VET price has underwhelmed investors, as VET has recently dropped to a lower low at price of $0.104.

VeChain VET price has sliced below the lower boundary of the parallel channel that formed since October 2, putting a bearish target of a 10% drop on the radar. 

The downside trend line channel acted as support for VET at $0.107. However, on October 12, VeChain VET price fell below the line of defense as well as the 50% Fibonacci retracement level at price of $0.105, hinting at further weakness seen in the market.

The foothold for VeChain VET price would appear at $0.103, where the 50 twelve-hour and 200 twelve-hour Simple Moving Averages meet. Investors should note that this could be a reactionary drop due to the emergence of the Death Cross on the 12-hour price chart.

Further selling pressure could see VET price fall further to test the support level of the September 23 high at $0.097 level before eventually descending toward the pessimistic target of the chart pattern at a price of $0.094, coinciding with the 38.2% Fibonacci retracement level.

If VET price manages to reverse the period of underperformance, VET price would meet its first obstacle at the 20 twelve-hour SMA at $0.112, before encountering further resistance level at the middle boundary of the parallel channel at $0.113, then at the 100 twelve-hour SMA at $0.114.

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