To promote the VeChain (VET) listing, NovaDAX will hold a cryptocurrency trading competition between June 11th and 17th. In an email sent to users, the exchange announced that it will distribute R$5.5 thousand in VET to the 10 best participants in the round.

The award is an extension of Nova Friday, a program started by the platform in May.

trading competition

In a new trading competition, NovaDAX will distribute R$5.5 thousand in VET among the 10 users that exhibit the highest volume of transactions with the cryptocurrency.

The exchange reported that the award is mechanical. In other words, customers who trade with VeChain in the next seven days will automatically qualify for the bonus.

It is worth noting that the promotion starts at 10 am this Friday (11) and ends at 23:59 pm on June 17 (next Thursday).

Winners' prize values:

  • 1st place: R$ 1 thousand in VET;
  • 2nd place: R$900 in VET;
  • 3rd place: R$800 in VET;
  • 4th place: R$700 in VET;
  • 5th place: R$600 in VET;
  • 6th place: R$500 in VET;
  • 7th place: R$400 in VET;
  • 8th place: R$300 in VET;
  • 9th place: R$200 in VET;
  • 10th place: R$100 in VET.

Brief analysis

Silva says that VET has been “in an uptrend for a few months”. In the last 90 days alone, the cryptocurrency has appreciated by 133.4%.

According to the profile WSB.Cryptocurrency, VeChain's strong performance was among the top 50 in the market for the last 3 months. However, Silva indicates a slight correction to the digital currency.

“I believe that we will have another drop in the next few days. However, the correction should not exceed US$ 0.075 and US$ 0.06 from the previous fund”, he commented.

At the time of writing this article, VET is traded at US$ 0.11, approximately R$ 0.5675.

Finally, Silva notes that volume is falling in the short term, despite recent months showing growth.

"Now, the mean reversal marker is indicating a favorable market for sale."

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