- VeChain secures partnerships with major enterprises like BMW, Walmart China, and LVMH, enhancing its global supply chain solutions.
- Technical analysis predicts VET price could break previous resistance, aiming for a target range between $0.064 and $0.088.
VeChain (VET), a pioneering Layer 1 blockchain known for its smart contract solutions and environmentally friendly approach, is showing signs of a potential 100% price spike fueled by notable adoption of its products.
Over the past week, VET’s price has surged by 12%, indicating a bullish trend through higher highs and lower lows, against a backdrop of a $3.8 billion fully diluted valuation and a daily trading volume of approximately $124 million.
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This trend suggests that VeChain is poised for a fresh bullish uptrend in the near term, bolstered by a slowdown in Bitcoin’s bullish momentum and anticipation of an upcoming altseason before the Bitcoin halving rally.
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VeChain’s ecosystem has evolved into a thriving web3 space, housing several DeFi platforms such as APEWorld, vet.domains, and VeBetterDAO, which leverage its network. However, VeChain’s primary focus remains on transforming the management of global supply chains, attracting significant enterprises like BMW, Walmart China, Groupe Renault, and LVMH.
The launch of innovative products like VORJ, a no-code smart contract platform, and Marketplace-as-a-Service (MaaS), a no-code digital asset tokenization platform, further solidifies VeChain’s commitment to simplifying blockchain technology for real-world applications. These developments are critical in driving VeChain’s ecosystem growth and the subsequent rally in VET price.
Read more: Massive Boost for VET Adoption: VeChain’s New SDK Simplifies dApp Creation Process
From a technical analysis perspective, the current bullish trend and higher lows point towards a potential breakout above previous resistance levels. The price target for VET in the near future is projected to lie between $0.064 and $0.088, based on key Fibonacci extensions.
This analysis, combined with VeChain’s strategic focus on supply chain management and the recent influx of notable enterprises into its ecosystem, positions VET for significant growth.
