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VeChain (VET) Struggles Amid Crypto Market Turmoil, Sees 6% Recovery

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Amid the ongoing corre­ction in the cryptocurrency market, Ve­Chain (VET) is striving for a comeback, showing a 6% uptick over the last 24 hours. De­spite this recent gain, the­ past month has seen substantial setbacks, with a de­cline of 32%, and in the last wee­k alone, it has faced a roughly 10% drop. Currently, Ve­Chain encounters strong resistance­ at $0.0211, posing a barrier to achieving a definitive­ upward breakthrough.

Crypto analyst Yapper rece­ntly analyzed VeChain (VET) against the US dollar (USDT) ove­r a weekly timeframe­, suggesting a critical juncture for the toke­n. He indicates that VET has bee­n descending over the­ past few months and is now hovering around a significant support leve­l, trying to maintain its position above this pivotal threshold.

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VeChain (VET) Struggles Amid Crypto Market Turmoil, Sees 6% Recovery 3

Currently, VET’s price­ is approximately $0.0238, dipping from a high of $0.0264 within the same we­ek. The analyst points out that if VET closes the­ week below this support le­vel, it could signal further downside pote­ntial. Conversely, a close above­ the support would be interpre­ted as a bullish signal, suggesting a possible re­versal or stabilization in the near te­rm.

VET Price Forecast

As of now, VET’s price is at a critical juncture. If the­ critical support at $0.0211 is breached, the toke­n may face further decline­s, potentially targeting the $0.018 support le­vel if bearish pressure­s continue. A deepe­r fall could test the $0.015 mark, highlighting the importance­ of maintaining above this level.

On the­ flip side, immediate re­sistance lies at $0.027 and $0.037. Experts sugge­st that if VET surpasses the $0.027 peak obse­rved on July 1, the token could asce­nd to June’s high of $0.037, provided that the bullish mome­ntum gains strength. Overcoming this resistance­ is pivotal for achieving a sustained recove­ry and upward trajectory.

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VeChain (VET) Struggles Amid Crypto Market Turmoil, Sees 6% Recovery 4

The Re­lative Strength Index (RSI) is at 35.34, ne­aring oversold levels. This sugge­sts that selling pressure might be­ nearing exhaustion, potentially attracting buye­rs. However, the Moving Ave­rage Convergence­ Divergence (MACD) indicator shows a be­arish trend, with the MACD line crossing be­low the signal line and negative­ histogram bars, indicating that bearish momentum could persist in the­ short term.

VeChain is at a decisive­ point, balancing between re­covery and further decline­. The market’s reaction to ke­y support and resistance leve­ls will likely shape VET’s ne­ar-term trajectory.

Related Readings | Chainlink plummets 13%, potential 45% drop to $6.80 looms

VeChain’s April Surge: UFC Deal, New DAO Grants, And Record Wallet Growth: Report

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One of leading blockchain platforms, VeChain demonstrated considerable development and growth in the cryptocurrency sector. Crypto analyst Crypto Busy stated in X post that VeChain has started an extensive development path this April, which was indicated by a few major developments and integrations.

Among the key improvements is the implementation of NFC and blockchain chips powered by VETinto UFC fighter gloves. This development is an enormous step forward in sports technology and digital tracking. This integration demonstrates the real-life implementation of blockchain technology improving the authenticity and transparency of sports merchandises.

VeChain Boosts Eco-Projects With New VeBetterDAO Grants

As part of reviving its community-driven initiatives, VeBetterDAO has introduced its new grant under X-2-Earn model. This initiative was introduced to back up developers and community projects that promote environmental sustainability, thus, demonstrating VET’s determination to apply blockchain for the common good.

Additionally, VeChain is fast gaining influence in the global food industry through its “Food Traceability” initiative. This project is designed to increase the safety and transparency of food sourcing and handling, giving consumers accurate data about the origin and route of their food products.

The VET has equally participated in the Web3 meetups in Italy and France, thereby creating a sense of connection and knowledge among the community and supporters.

New features have been added to the Vorj no-code platform as well as improvements to the VeChain SDK which make it easier for developers to build and distribute blockchain-based applications. These advancements are important in gaining more creators to the VET ecosystem.

VeChain Hits 3M Wallets And Trends In RWA Discussions

In addition, another milestone for VeChain is the growth in its wallet holders with the platform having a new high of over 3 million VET wallet holders. A testament to the increasing confidence and demand for VeChain’s potential as well as the utility token, VET.

VeChain has also been trending in discussions about Real World Asset (RWA) coins, as reported by analytics services LunarCrush and numerous social media trends. This interest is kept on VeChain’s unswerving performance and recent ventures on digital asset tokenization.

A major event at the end of March 2024 was the release of VeChain’s new Digital Asset Tokenization platform, MaaS. The platform got a successful launch by introducing its first corporate subscriber, the MotoGP champion Gresini Racing Team. This integration stands as a grand proof of platform’s power and parallels the trend of digital assets in the mainstream market.

These initiatives are not only securing VET’s position within the blockchain community through sustainability but they are also adhering to one of the current dominant narratives in the crypto world—Real World Asset tokenization. In April, the infrastructure development and community activities go hand in hand rendering a bright future for the holders and users of VET.

VeChain In The Verge: Analyst Forecasts Significant Uptick

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A famous crypto analyst World of Charts has identified a potentially bullish direction for VeChain (VET), forecasting a huge uptrend in the next few months. The analyst states that it looks like an enormous wave of VeChain bullish is coming, which should result in around 500% increase.

The analyst conclusions imply that VET has broken a multi-year descending trendline and retested this breakout, which is a powerful upwards move. Further, the analysis draws attention to the breakout of the accumulation zone, which has been retested successfully as well, indicating the power of this upward movement.

VeChain’s Market Forecast: Signals Of Ascendancy

The prediction is derived from a deep analysis of VET market behavior and trading tendencies for the past few years. VeChain has been resilient and has shown substantial up side potential by breaking and re-testing key resistance levels. The analyst from World of Charts views these technical breakthroughs as the harbinger of an optimistic period that can redefine its market status.

The current price at which the cryptocurrency VET is being traded at $0.04113, which represents an increase of merely 0.33% in the last 24 hours. Notwithstanding this small rise, the cryptocurrency lost a substantial 9.79% over the past week. Moreover, VeChain has been traded at a huge amount of $68,474,782.09 during the 24 hours frame, thereby showing high involvement and activity in the market. This interaction of the price changes that have happened lately and the volume of trading shows the market presence of VeChain in the market context where any event can influence any part of the market.

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Particularly, investors and market observers monitor the VeChain as it counters this critical era. With the technical progress it achieved recently and its potential in the blockchain realm that started to be recognized by the public, VET is now in the process of preparing for a serious revaluation of its market value.

Every investment includes its risks, and the possible risks should be taken in to account. VeChain seems to have good prospects but volatility in the cryptocurrency markets can alter market dynamics very quickly. Investors should do their research and keep in mind their financial status and risk tolerance when investing in cryptocurrency markets.

VeChain and UFC Unite: Blockchain Technology Revolutionizes Fighter Gloves

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VeChain is setting on a new deal that will grasp the attention of over 900 million viewers from across the world, an unparalleled move of partnership with the Ultimate Fighting Championship (UFC). This partnership will witness the incorporation of blockchain technology in the UFC fighter gloves, which is a major development in real-world asset (RWA) tokenization.

VeChain, the leading innovate in blockchain industry, has brought VET-chips that are embedded in the gloves. These microchips are created to have a tamper-proof record of the life of the glove. With the help of blockchain technology, VeChain guarantees that all gloves that reached each fan are real, with each glove’s history and validity ascertained through this innovative technology.

VeChain Embeds Blockchain In UFC Gloves For Authenticity

The utilization of blockchain in such a high-profile sport is not only a technological wonder but it is also a strategic move which aims at spreading the knowledge and acceptance of blockchain technology into other spheres. The use of UFC fighter gloves as a tokenization asset provides an actual and personal link between the technology and the audience, which makes the abstract nature of blockchain much more understandable and palpable.

With the development of this cooperation, this is going to be one of the hot topics among real world asset updates world. The project is set to redefine the way memorabilia of this nature is authenticated providing an improvement to value and safety of the items for both collectors and fans.

Through integration of blockchain technology into everyday objects like UFC gloves, VeChain is creating an example of how blockchain can be used in all sorts of industries. This initiative not only reflects the flexibility and usefulness of blockchain but also opens the door for other industries to consider such integrations.

This groundbreaking way is just the starting line, as VeChain and UFC lead a new age where technology and sports meet to improve fan involvement and maintain accuracy in a quickly transforming digital world. While the project moves further, it is sure to keep the interest alive among technology freaks and sports fans across the globe and thus, writing a new page in the history of technology in sport integration.

VeChain’s Breakthrough: Analyst Predicts 400% Surge Amidst Technical Triumphs

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World of Charts, a well-known analyst, highlighted VeChain (VET) in a recent exposition posted on X. The analyst’s ideas provided substantial insight into VeChain, which illustrates a breakthrough for this coin and its successful passing of multiple layers of resistance that have previously held it back in terms of value.

According to analysts, VeChain has broken a multi-year descending trendline, which is an important long-term market sentiment indicator, and penetrated a crucial horizontal resistance level. This level is usually considered proof of the ability of an asset to withstand downside risks; it is in fact an accumulation zone where buying interest is quite high. After these accomplishments, VET has been noted to retest these levels successfully, strengthening the fact that it is above these vital levels.

VeChain’s Bullish Breakout

Further enhancing the bullish stance, the analyst points out that VeChain is breaking out of a ‘bullish flag’ formation. Investors often notice this pattern because it has a tendency to herald massive price upswings. Usually, this formation is a short consolidation phase after a significant rally, and it indicates that the asset is getting ready for another upward move.

The analyst’s forecast of VeChain breakdowns is not limited to mere technical breakdowns. The analyst has made a bullish prediction on VET to gain an impressive 400% profit in the next weeks. This forecast sets VeChain in the limelight, depicting a probably profitable phase for the investors and traders keenly watching the cryptocurrency.

The VET is currently being traded at a value of $0.04788 which represents a significant increase by 8.67% over 24 hours and a remarkable gain of 14.96% within the past week. Furthermore, VeChain enjoys a big 24-hour trading volume of $147,554,359, which indicates the increased investor attention and market activity around the cryptocurrency.

Source: TradingView

This is happening in a situation when the whole cryptocurrency market is experiencing a fresh wave of attention and money, in part due to progress in the blockchain technology that the cryptocurrencies run on. In that respect, VeChain appears to be one of the most promising solutions in supply chain management and logistics, which is aimed at increasing transparency and efficiency in these fields through blockchain technology.

Connecting VeChain with a bullish direction and the provided analysis, the analyst provides an interesting story of the cryptocurrency future. VET is now being spectated by investors and the larger market as they await the expected 400% profit boom. This just proves how dynamic and unpredictable the cryptocurrency market is, not to mention the potential for massive gains within this digital asset sector.

Vechain (VET) Rockets: Analyst Forecasts Massive 7,500% Surge To $2.3

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In a recent prediction by prominent crypto analyst EGRAG, VeChain (VET) is forecasted to experience a substantial surge, with an anticipated 7,500% rally that could propel its value to $2.3. Currently trading at $0.02945, the analyst highlights that VeChain is on the brink of significant price growth, targeting three consecutive price objectives.

VeChain’s price has exhibited volatility throughout the year, reflecting the general market trends in the crypto space. Early in the year, VET underwent a notable price spike, registering a 101% increase in the first two months, reaching $0.03186 in February from its 2023 opening at $0.01579. Subsequently, the cryptocurrency faced a decline, reaching a low of $0.01477 later in the year.

A shift occurred in October when the overall crypto industry transitioned to a bullish sentiment. Since hitting its October low, VET has seen an 80% increase, with EGRAG predicting continued growth in the coming months.

Vechain Bullish Sentiment by EGRAG’s Prediction

EGRAG shared insights on social media platform X, stating, “VET will unlock ur financial chains,” alongside three bullish targets for the upcoming year: $0.11642, $1.05737, and $2.3. These targets represent a potential rise of 295%, 3490%, and 7,500% from the current price.

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Vechain (VET) Rockets: Analyst Forecasts Massive 7,500% Surge To $2.3 8

Analyzing VeChain’s historical price movements, EGRAG noted that the cryptocurrency had been trading in a downward range, forming lower highs and lower lows since its all-time high in 2021. However, VET broke out of this range in October and has since formed five bullish candles over three weeks.

Utilizing the Fibonacci indicator and the 2023 bottom as a reference point, EGRAG drew parallels to VET’s ascent from the 2020 bottom to its all-time high in 2021. The analyst suggested that VeChain is poised for a rally over the next few months into 2024, potentially surpassing its all-time high of $0.28.

VeChain’s native token, VET, is associated with a blockchain network focused on streamlining supply chain management through distributed ledger technology. Various crypto experts, including Ali Martinez, have predicted VET’s potential price surge in the next bull market. Martinez anticipates a 150% price gain for VET in the next six weeks, speculating a breakthrough of the $0.033 resistance barrier and a potential rise to $0.077 in January, drawing parallels to the 2018-2020 consolidation phase.

VeChain’s Price Predictions: From $0.0152 to $0.021 – Hope Amidst Uncertainty

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VeChain (VET) made headlines at the beginning of 2023, capturing the attention of investors and crypto enthusiasts with its impressive price surge. The token experienced a meteoric rise, climbing from a modest $0.015 to an impressive $0.032 in just a matter of weeks. However, this exhilarating ascent was short-lived, as VET soon embarked on a downward trajectory, leaving investors wondering about its future prospects.

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Source: CoinGecko

As of now, VET’s price has retreated significantly from its late February peak, plummeting by 50% from its all-time high. While the token has managed to retain a modest 6.6% gain since the start of the year, it is down by 28.8% in the yearly charts, indicating a prolonged period of price erosion.

The present situation for VeChain appears grim, with the token experiencing daily, monthly, and yearly declines of 3%, 9.1%, and 28.8%, respectively. The question on every investor’s mind is whether VeChain can reverse its current downward trend by October end, offering hope for a brighter future.

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Source: CoinCodex

VeChain’s Bleak Short-Term Projections

According to various cryptocurrency price prediction platforms, the short-term outlook for VET remains bearish. CoinCodex anticipates VET to decline further to approximately $0.0152, erasing all the gains made in 2023. PricePredictions’ machine learning tool aligns with this forecast, with an even more pessimistic prediction of VET hitting $0.015 and a continuing bearish trend in November.

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Source: Price Predictions

However, there is a glimmer of hope provided by Changelly, which offers a more optimistic perspective. The platform suggests a potential high of $0.021 for VET in October 2023, albeit without specifying when this target might be achieved. Furthermore, Changelly’s forecast suggests a bullish outlook for VET in November, hinting at a possible recovery in the medium term.

Despite the current uncertainty in VET’s price, the long-term prospects for VeChain remain promising. The project’s involvement in environmental and climate change initiatives could pave the way for significant growth, potentially transforming this supply chain-based crypto token into a lucrative investment in the not-so-distant future. Investors are advised to exercise caution in the short term while keeping an eye on the broader vision for VeChain.

VeChainThor’s latest version 1.6.0 has finally arrived; More details

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VeChain. a decentralized platform designed to strengthen an enterprise’s business process especially in the supply chain management is back in the public eye. As per the latest announcement, the blockchain’s native token VeChain Thor [VET] has been officially upgraded to the latest version 1.6.0, thus paving the way for Proof of Authority [POA] 2.0 to begin initiation. Commenting further on the developments in their Twitter handle, VeChain foundation said,

We are excited to announce VeChainThor v1.6.0 is LIVE, meaning POA2.0 Phase 1 activation is set in motion! Testnet: Nov. 5, 8am GMT – block #10606800 Mainnet: Nov. 16, 8am GMT – block #10653500 But what is POA2.0 and why does it make VeChain the strongest public blockchain? We are proud to say POA 2.0 is the first protocol of its kind in the world! It combines the two main types of blockchain consensus mechanism (Byzantine Fault Tolerance & Nakamoto) to eliminate their weaknesses but benefit from their strengths!

How VeChain’s POA works?

In their series of tweets, the company dealt with several aspects of the use cases of the POA 2.0 model on the basis of Security and Finality. On the security feature, the algorithm apart from having the best of both worlds in terms of the consensus mechanisms also works on improving the mode of operation of the randomness principle in selecting the producer of the next block. By doing so, the company claims that manipulation of the blockchain becomes impossible.

In addition to that, the protocol initiates the committee feature where ‘3 additional BPs are randomly selected to verify a block, further preventing any kind of manipulation’.

With respect to the finality element, the foundation advocated that data on the protocol is executed immediately with zero occurrences of accidental forks or branching that might disrupt the overall blockchain and induce potential data loss. However, the firm later clarified that the finality feature is part of an upcoming project notably VIP-200, and not included in the current upgrade.

VeChain’s future roadmap

The main objective behind the network’s recent upgrade is to accommodate the growing demand for a scalable and secure network with major emphasis on initiatives such as Sustainable Development Goals [SDG] and carbon-free emissions. The announcement further stated that the project reflects VeChain’s ambitious roadmap to equip the blockchain technology with the necessary toolkit to solve real-world issues and implement the same in the rapidly evolving ecosystem. 

On the price front, the native token, VET is currently trading at $0.132 gaining by almost 2.7% in the last 24 hours after undergoing an 11% correction on Oct 28.