As a seasoned crypto investor with several years of experience under my belt, I’ve seen the market go through its fair share of ups and downs. The current instability in the market following the Ethereum ETF launches is nothing new to me. I’ve witnessed similar situations before, where liquidity issues and trend-determining factors like supply, demand, and potential trend reversals come into play.
As a crypto investor, I’ve noticed that the market has been finding it challenging to maintain stability following the launch of Ethereum ETFs, which came with a significant influx of liquidity. The value of VET, like other major cryptocurrencies such as Bitcoin, Ethereum, and Solana, is influenced by various trend-determining factors. These include the balance between supply and demand in the market, as well as the possibility of an upcoming trend reversal.
Traders are hesitant and planning their next moves as VeChain’s price hovers below its Q1 peak of $0.055. A minimal 0.06% rise in futures market open interest might not be enough to reverse this trend for VET. Nevertheless, considering the ongoing advancements within the ecosystem, VeChain could soon experience a significant price boost.
A Look Into VeChain’s VeBetterDAO Protocol
The VeChain development team introduced VeBetterDAO, a decentralized application platform for the creation and trading of sustainable assets using tokenization technology.
The offerings cater to NGOs, businesses, and individuals looking to represent their eco-friendly initiatives through tokenization. VeBetterDAO operates under a decentralized autonomous organization (DAO) model, enabling the community with full control over decision-making and power.
Although VeBetterDAO encompasses more than just tokenization and governance, with its latest innovations catering specifically to developers. These include the ability to add new applications and the provision of a testnet environment.
The developer experience with VeBetterDAO has significantly improved with the introduction of a fresh ‘Developer Guides’ segment in its documentation.
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New features and resources include:
– How to add apps to VeBetterDAO
– Integration…
— VeChain (@vechainofficial) July 23, 2024
Users can collect B3TR tokens as incentives when engaging with apps on VeBetterDAO. By utilizing eco-friendly applications, participating in governance votes, and joining community debates, users have the opportunity to boost their token earnings.
Mixed Signals As VET Price Slides
A prolonged downward trendline for VET strongly indicates its continued decline. Multiple efforts to rise above this trendline have led to successively lower peak prices and bottom prices.
The placement of VET beneath the three major Exponential Moving Averages (EMAs) – the 20-day, 50-day, and 200-day – implies that the ongoing correction could persist.
When the Moving Average Convergence Divergence (MACD) indicator generates a sell signal, it reinforces the weakening technological foundation.
Traders should be prepared for potential rejections of VET when it encounters any of the moving averages displayed on the daily chart or approaches the upper limit of the channel.
If VET drops to $0.025, traders might find it enticing to buy at this price level, thereby increasing market liquidity and potentially triggering a trend reversal.
According to the technical analysis, it could be beneficial in the long term to hold off making a move until VET’s price breaks out of its current channel with a clear uptrend. Once this occurs, the upward momentum for VET would likely gain strength, potentially leading to new record highs including reaching its Q1 peak.
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2024-07-26 19:16