VIDT coin is more than 45% up today, it is the top gainer of Binance. Why is the coin pumping?
VIDT DAO is a blockchain data verification platform. Their mission is to enable verifiable trust for the entire Web3 ecosystem. Their clients include the likes of AmSpec and IBM.
According to the lightpaper, VIDT DAO brings trust into the everyday process by making data and documents verifiable, using the best open-source blockchain and timestamp technology.
Why is the coin pumping?
Recently VIDT announced that they are decentralizing their structure and governance to become VIDT DAO. They plan to do it through the launch of a new smart contract and a new token. Today, the coin made it to the social intelligence platform for crypto, LunarCrush’s top 8 list.
Binance announced they would support the VIDT Datalink Token Swap, Redenomination and Rebranding Plan to DAO. The coin pumped nearly 18% in 1 minute when the announcement was out.
VIDT price action
The token was in a downtrend before forming a solid base of Volatility Contraction Pattern (VCP) in a four-hour timeframe. The coin brokeout from the VCP to start an uptrend.
The coin has been trading in a range between 0.3672 and 0.2506 for the past three months. A close above 0.3672 will mean a breakout from the range. The area acting as a strong resistance will get converted to support if the coin manages to close above it today. The volume is more than ten times higher than the average volume of the past 50 days.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.