As a seasoned crypto investor who rode the bullish waves of the 2017-2018 crypto market and survived the bearish storms of the subsequent years, I have learned to keep a keen eye on potential breakout coins. VeChain (VET) is one such coin that has caught my attention amidst the ongoing Bitcoin-led bullish rebound.
In the midst of Bitcoin (BTC) driving the current crypto market’s upward trend, VeChain (VET) is showing signs of a possible surge towards its record high. This mid-tier cryptocurrency, valued at approximately $2.1 billion and trading about $24 million daily, saw an increase of over 10% last week, indicating a favorable bullish forecast.
VeChain Price and Key Targets
Looking at its technical analysis, the value of VET relative to the U.S. dollar appears to be creating a double weekly base pattern, reinforced by a bullish trend on the Relative Strength Index (RSI). A significant support line can be found near the $0.022 mark.
In the last six months, the value of VET has been stuck in a downward trend, but it might be approaching a turnaround towards its record high. Notably, the daily chart suggests a potential head and shoulders (H&S) pattern combined with a bullish divergence on the Relative Strength Index (RSI).
Let’s do this $Vet
— FLASH (@THEFLASHTRADING) August 24, 2024
If the value of Bitcoin keeps rising over the next few weeks, VeChain’s (VET) price could continue to increase as well, setting it up for a strong upward trend. Moreover, it appears that Bitcoin’s dominance is indicating a significant long-term shift, which should trigger the highly anticipated altcoin season soon.
As we get closer to the peak of the 2024-2025 Bitcoin bull market, it’s expected that the influx of crypto profits from Bitcoin into the altcoin sector will continue to intensify.
Speaking of its current state, it’s likely that the VET price will swiftly bounce back to its record high as a prelude to an intense, parabolic surge driven by market exploration. Additionally, the VET price pattern over the past six months indicates a bullish flag formation, which is typically followed by a significant upward spike.
Growing Web3 Ecosystem
As an established first-generation blockchain, VeChain boasts a team with insights from previous cryptocurrency market surges. Over time, it has evolved into a bustling web3 environment. Currently, there are over 4.1 million recognized addresses on the VeChainThor blockchain.
As per the most recent information from on-chain analysis, the VeChain network boasts approximately 28,000 identified smart contracts and around 101 active authority nodes that are easily comparable in number.
The VeChain system stands out as a pioneer in international supply chain innovation, aiming to reduce friction and potential failures. It has already forged partnerships with companies like PwC, Walmart China, Bayer, BMW, BYD, DHL, DIG, Haier, and numerous others, to optimize their individual supply chains.
Decentralized Community Governance
To foster long-term, eco-friendly expansion and progress, the VeChain system has been actively collaborating with its user base. Not too long ago, Sunny Lu, VeChain’s founder and CEO, introduced the VeBetterDAO, aiming to speed up the decentralization of our ecosystem.
To secure long-term success for the VeBetterDAO, Lu suggested temporarily suspending quadratic funding and voting mechanisms, pending a resolution to the Sybil attack issue. Strikingly, this idea garnered strong approval from the VeChain community, with over 8.2 million members casting their votes in favor of it.
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2024-08-26 16:13