- VeChain has gained massive backing from market analysts who project an up to 500% surge in price.
- VeChain has continued to print partnerships that can return value to its users.
The VeChain (VET) blockchain has grown to become a dominant force in the industry with indicators pointing towards a bullish breakout. Accordingly, market experts project a 400-500% surge in the price of VET.
VeChain’s Current Performance
Before we look into VeChain’s prospects for a bullish outbreak, let’s look at the current performance of the digital asset. Based on technical analysis, VET seems to be regaining momentum after being faced with critical support levels. In the last 7 days, the price of VeChain increased by 4%, indicating substantial recovery from recent drawbacks.
At the moment, VeChain faces a critical resistance level at the $0.04 mark. This threshold is important for VeChain because it determines its future price movement. If VeChain is unable to cross this mark, its value could drop. On the other hand, a breakout beyond the $0.04 level could lead to increases in the value of VeChain.
According to the latest Marketcap data, VET is trading at $0.03595, demonstrating strength despite recent market volatility. The trading volume of VET is pegged at $67 million, while market capitalization stands at $2.6 billion. VeChain’s positive performance is quite obvious, particularly with an increase of 5.9% in the last 24 hours. Typically, such increases are indications of rising investment sentiments for a digital asset.
Taking to the X platform, renowned crypto analyst Crypto Yapper highlights VET’s recent breakout. He noted that the breakout was characterized by bullish price action on the daily chart after the cryptocurrency broke free from a Falling Wedge pattern. He therefore projects a breakout target for VET at $0.05. Yaper believes that there is still a lot of space for growth despite the current high momentum, indicating a prolonged period of expansion for VET.
$VET HUGE BREAK OUT 🚀#VET is creating some Bullish Price Action on the daily chart after breaking the Falling Wedge.
The break out target is $0.05 so we still have a long way to go!#VeChain looks BULLISH 👀 pic.twitter.com/Mrqpzwnyzw
— Crypto Yapper (@CryptoYapper) May 16, 2024
World Of Charts, another respected crypto analyst, adds to the positive sentiments for VET’s price. The analyst’s sentiment is hinged on VeChain’s recent bounce from a real solid support level known as the Accumulation Zone Area. World Of Charts predicts a 400-500% bullish wave for VET in the next few weeks.
Building on previous reports by Crypto Key News, crypto analyst ERGRAG Crypto anticipates a 14,000% surge for VET. The analyst’s prediction is based on bullish patterns in the price of VET back in 2019. At the time, VET recorded a triple bottom before breaking free in mid-2020.
VeChain’s Partnership
A key factor that may be contributing to VeChain’s bullish performance is its recent collaboration within the crypto space. Per Crypto Key News’s earlier announcement, VeChain announced a partnership with Supply@ME to transform supply chain finance for manufacturing and trading companies globally.
In a similar move, VeChain inked a deal with the OObit application to add VET into its Tap & Pay function. Echoing earlier coverage by Crypto Key News, the app users can pay for daily purchases with VET through mobile NFC technology.
